GMAC Bank Is Now Ally Bank at Ally.com
Posted by Best Bank Rates under [ CD Rates ] on July 1, 2010GMAC Bank recently changed their name to Ally Bank, located at Ally.com. GMAC Bank is a subsidiary of GM, and it appears that this move is an attempt to distance itself from the bad press that GM has been receiving lately. GMACbank.com now points to Ally.com.
Ally Bank offers many of the same products as GMAC bank once did, including savings and money market accounts, and certificate of deposits. Here are the current rates for these products:
Current Ally Bank Rates
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The AllyBank savings account features:
- APY yield
- No minimum balance
- No monthly fees
- Daily compounded interest
- Six withdrawals or transfers per billing cycle
For CDs, there are now very low minimum balance requirements, and apparently you can open a CD with $0. It seems to be more of a gimmick as it doesn’t really make sense to open a CD with less than $500. AllyBank has a few new CD rates, including a 6 month CD at APY. Their 1 year and 2 year CDs have pretty competitive rates, at APY and APY. Both of these are current as of 2/15/2010. They also have a new 9 month No-Penalty CD, which states:
“You can withdraw your money 6 days after funding – and anytime thereafter – and you won’t be charged a fee. Just remember, if you do make an early withdrawal it must be for the full balance plus all interest earned.”
This is a good bonus for those who want to earn a decent return on their CD but don’t want an easy out in case better rates are available. The no penalty CD currently has a yield of . The AllyBank money market account features:
- yield
- No monthly fees
- No minimum balance
- Free check card and 50 free checks
- Daily compounded interest
- Six withdrawals or transfers per billing cycle
AllyBank is still FDIC insured, so as long as you stay below the limits you should be fine. You can also get extra coverage up to 1.5 million by opening joint accounts, trust accounts etc. For example:
- Ally Bank Account 1: John Doe, $250,000
- Ally Bank Account 2: Mary Doe, $250,000
- Ally Bank Account 3: Joint Account, John and Mary Doe, $500,000
- Ally Bank Account 4: John Doe, In Trust For (ITF) Mary Doe, $250,000
- Ally Bank Account 5: Mary Doe, In Trust For (ITF) John Doe, $250,000
- Total: $1,500,000
This is a great way to ensure that all your money is protected. Visit Ally Bank for more information!
$200 Bonus, 5% Cashback - Chase Freedom 
APY Savings Account at Ally (12/9/11)
17 Comments on “GMAC Bank Is Now Ally Bank at Ally.com”
Apparently there is a credit requirement. I have a 690 score average and I got denied when trying to open a money market and savings account.
Thanks for the observation. That could be pretty important, as 690 is a pretty decent score. Not sure why they would be worried about your credit score?
More likely you haven’t lived at your current address or had your drivers license long enough. Happened to me when I moved. Call them.
Love the new look and features. I opened the no-penalty CD right away and funded it from my current account…2.5%. I also went paperless (new). CS has been expanded too.
All the other features have been retained. I really like the Visa Checkcard and ATM rebates. Everyone will be getting new free checks (always get both accounts).
They are going to get another $7.5 billion from the Feds. The Dems can’t let the UAW down.
GMAC never quailied as a TARP bank, but still got 5 bil, Now still a failure, but are gonna get 7 bil. They are a private company, let them rasie money, but they couldn;t, still can not raise money. please stop this bailout mess, it is making me sick. Changing the name sounds like a shell game. Still same piece of crap company, not worth nothng. Please do not give them nothng but a kick in the butt. Please quit this waste of our money. Fold this worthless firm, NOW. They are not even a bank.
I have had a GMAC account for a while and think they are great. good customer service and good rates. only problem was with ordering checkbooks once but that was something that can happen anywhere. i’ve been quite happy with them
With the government ready to pump another $7 – $14 billion into GMAC/Ally to support Fiat’s takeover of Chrysler and the New Less Improved Post Bankruptcy GM Disaster, it seems Ally is a pretty safe bet even beyond FDIC. In fact everything about them, at least in my experience is as good as ING or HSBC Direct.
I wish everyone would stop complaining about the bank bailout. You think any of us WANT to do this? Of course not. It has to be done because of what we learned from Lehman Brothers’ bankruptcy. Remember that? The Bushies decided to let Lehman fail and see what would happen. We found out. The entire banking system seized up because there were trillions of dollars worth of credit default swaps – those unbelievable unregulated insurance policies – on Lehman’s debt. No one knew which banks, hedge funds and insurane companies held them, or whether they had the money to make good on them. No one would lend to anyone or invest in anything. We were truly on the brink of a depression, not just a serious recession. Well same goes for GMAC or any of the other stress-tested banks. If we let another of them fail, it will trigger all of the credit default swaps on their debt. Private lending and investment would fall off the cliff, again, taking the economy with it, again.
I just opened an account with GMAC, it was fast simple and straightforward.
I heard GMAC was dropping their bank rates because of pressure from the government and other banks?
I’ve opened an ally account over about a week ago and there was a small problem with verifying my identity. Apparently the automatic verification did not go through so I had to fax in several pieces of information. This was an inconvenicne but one that I am willing to pay to have secure banking.
Customer support was very helpful and responsive. Their online interface is very streamlined and straightforward. I would recommend Ally.
As much as I respect your opinion about thinking there is nothing going on, something about being out right sneaky with the name change, and the distancing themselves from another names buts a BIG ol’ pit in my stomach. I bet they are hiding something!!! And I would but bets on the fact that these rates change in the very new future. I wouldn’t be investing anything with a company who is putting sneaky things. Anyways, Thank you so much for this article. I will keep it in the back of my head.
i have never had any problems with ally bank whatsoever. their customer response has always been top notch and easy to work with. just my 2c
@reb – I don’t think there’s anything “sneaky” about a (fairly open approach) rebranding. When you go to the Ally website and click “About Us,” the first thing you see is “we started out as GMAC.” I don’t think you can accuse them of trying to hide that, when it’s so easy to find…
Anyway, I really like my Ally checking and savings accounts, so I thought I’d throw in my 2 cents. Moved over from Citibank, and I’m really liking the lack of fees and 24/7 phone support here at Ally. And the phone reps are al very pleasant and helpful! So I’m as happy as a clam. :]
I have a GMAC car payment and it recently changed to Ally…I have not had any issues yet.
I had a couple of my friends talk about the switch and they have mentioned no problem at all with Ally. One even mentioned having better customer service.
Mortgage loans are originated and processed through GMAC Mortgage
About finance crédit I like information in french if possible tank you