GMAC Bank was a longtime leader in offering some of the highest rates on savings accounts, money market accounts, and certificates of deposit that were available online for savers.  This month GMAC Bank shed their old name and is now operating online as the newly minted Ally Bank.  Despite the name change, the bank is still offering competitive rates and deposits are still insured by the FDIC. You might consider that more important than the bank name anyway. Today’s rates from Ally Bank include:

2.25% APY for an online savings account

2.10% APY for a 6-month CD

2.60% APY for a 9-month CD

2.80% APY for a 1-year CD

2.90% APY APY for a 2-year CD

3.10% APY for a 3-year CD

3.25% APY for a 4-year CD

3.50% APY for a 5-year CD

There is no minimum balance requirement for either the online savings account or the CDs offered by Ally Bank. The bank is also offering a special  ”no-penalty” CD. This CD allows a full withdrawal of funds for a customer anytime after the first six days of funding their account. No-penalty CDs are gaining popularity because they allow CD investors to grab higher rates should they become available.

Ally Bank advertises that they do not charge any fees on their deposit accounts. This is always nice to hear from an online bank considering just how many banks have increased maintenance fees and service fees over the last few years. Customer service also appears to be a priority for Ally Bank, as they have posted the current wait time to speak to a live customer representative posted on their website. Checking twice today revealed a wait time of 0 minutes in both cases. Not too bad for an online bank.

General Motors and GMAC were once names that were iconic symbols of strength and American power. In the age of bankruptcies and government takeovers banks are not looking to emphasize their past. New or old, Ally Bank has the rates that beat most of the other banks. What else does a saver need?

1 Comment »

1. 

   I am very disappointed with Ally Bank. Their enrollment is very security conscious, but they are not receptive to negative comments. I had to save my enrollment. When I went back to finish the application, I ended up with two CDs instead of one. There was nothing they could do to stop it, eventhough I called them within seconds. I now have to pay my bank a stop payment fee of $25.00. Ally will not take any responsibility at all for the error. I am beyond disappointed.

   Comment by Patricia Sundik — June 5, 2009 @ 6:14 am

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