GMAC Bank has a new name, but the same great CD rates.
You’ll now find Ally Bank at, or near, the top of our rankings of the best CD rates for everything from 3-month to 5-year certificates of deposit.
The 2.80% APY the online bank’s offering on 12-month CDs, for example, is more than twice the national average and the best nationwide deal around.
You’ll also see that the renamed GMAC Bank has cut the minimum deposit for all of its CDs from $500 to “$0.”
That means you can take advantage of Ally Bank’s rates even if you don’t have the $5,000 or $10,000 other banks require to buy a top-paying CD.
We can certainly understand why the bank was renamed to boost customer confidence.
There’s no reason to continue touting its relationship with General Motors Corp., which will begin selling its remaining stake in Ally’s owner, GMAC LLC, this summer.
Just remember that whatever happens to the automaker — or GMAC — won’t affect deposits at Ally Bank. It’s fully insured by the FDIC.