Free $50 Fee Credit For Transferring Your TFSA To Ally

I was just sent this e-mail about an offer from a financial institution called Ally. From what I read, they are offering TFSA account holders with other banks up to $50 to switch to them in order for you to recoup any transferring fees that your bank may charge for the switch.

I suppose the biggest incentive is that if you were thinking of switching it looks like they offer one of the highest interest rates at 2% atthe moment. I have personally never tried this company myself. However, I figured there are probably a lot of people that are looking for options and this may be one of them.

I’m not sure if someone in-the-know wants to clarify this too, but to my understanding the $50 is to simply recoup any transferring fees as opposed to simply getting a free $50 for transferring the account.

Apparently the offer ends at the end of this month:
http://learn.ally.ca/transfer/