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In 2009 GMAC bank officially changed it’s name to Ally Bank in an attempt to reposition itself among the top national banks while parting ways with the GMAC name and all of the negative presumptions that came with it.
Even though GMAC Bank hasn’t actually been a part of the GMC motors for years the stigma seemed to remain. Thus, an executive decision was eventually made to regroup under an independent name and institution.
The New Ally Bank (FDIC insured since 2004)
First things first, if you are in the market for a savings product whether it be a certificate of deposit, money market account, or any other high interest bearing account you should always make sure your bank investment is FDIC insured (or NCAU insured if your banking through a credit union).
Ally Bank has been insured by the FDIC since 2004 under FDIC member 57803.
As far as CD rates are concerned, Ally bank typically tops the best CD rates chart for 6 month CD’s and 12 month CD’s.
Current Ally Bank CD Rates and Savings Rates:
(Visit Ally.com for updated rates and offers.)
12 month CD (certificate of deposit): 2.80% APY. This interest on this account is compounded daily and comes with no monthly fees, however, it will automatically renew upon maturity. If you are not looking to reinvest in this CD after one year you will need to contact them prior to maturity.
18 month CD (certificate of deposit): 2.60% APY. Like their 12 month, the interest on this account is compounded daily and will automatically renew upon maturity.
Online Savings Account: 2.25% APY. There are no minimum balances associated with this account, nor any monthly fees. This is a variable interest rate and will go into effect once you make your initial deposit. Like their CD’s, your interest will be compounded daily. Limited to 6 withdraws or transfers per statement cycle.
Money Market Account: 1.90% APY. No minimum balance or monthly fees. Entitled to a free check card with this account as well as 50 free checks. If you are charged ATM fees for use at foreign ATM’s you will be reimbursed up to $6.00 per month. Like their online savings account, you are only allowed 6 withdraws or transfers per statement cycle.
If you have experience in banking with the new Ally Bank, please share by leaving a comment below.