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Ally Bank 2.80% APY 12-Month CD

Posted in CD Rates, Expired Deals by DealMaven
May 20, 2009 12:51 PM - 21 Comments

Ally Bank

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.

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Comments (21)
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  1. ace said:
    on May 20th at 02:31 pm

    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.

  2. ando said:
    on May 20th at 03:38 pm

    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

  3. hallmonitor said:
    on May 20th at 03:42 pm

    Who would of thought that we’d be getting excited about a savings account offering 2.25% – but, here we are. I think it’s a smart idea to change the brand, they have good products and a great rate. Why be tied down to an older tarnished label. Ace, it’s hardly like they are trying to hide this from you – which is the definitition of a shell game – they are shouting it out from every site and financial paper you can get your hands on.
    I say good for them!

  4. kevin s said:
    on May 20th at 03:49 pm

    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.

  5. kevin s said:
    on May 20th at 04:21 pm

    And one more thing. GMAC is about the only bank getting TARP funds that’s offering decent rates. When was the last time Bankaholic found a great CD rate from Citi or BofA?

  6. Rayle Shonie said:
    on May 20th at 06:16 pm

    I think the rebranding is a good idea. The company is making an effort to improve. Also, it’s sad to say, but unfortunately there will be some folks who will not know where Ally came from. They may deposit their money with Ally, even though they would not have trusted going to GMAC.

  7. BB said:
    on May 21st at 12:44 pm

    …but do you think Ally (GMAC) is going to survive? I know they are FDIC insured, but who wants to go through that hassle and anxiety if they were to fold.

    My guess is their rates are higher (2.80% being called high is relative) because they are so desperate for cash due to lack of confidence. I’ve been toying with opening a CD with them, but am nervous.

  8. Rita said:
    on May 21st at 04:37 pm

    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.

  9. maggie said:
    on May 21st at 05:27 pm

    to BB…actually if FDIC takes over a bank you, the depositor dont actually go through any hassle at all. They come in after hours with a very well practiced routine and take over the bank seamlessly. they are very practiced at it. It’s not a hassle like dealing with house or auto insurance companies. There’s a video I saw somewhere here on Bankaholic months ago that explained it all.

  10. mike m said:
    on May 22nd at 03:54 pm

    And remember – GMAC bank is actually relatively stable and well-capitalized, according to Bankrate. GMAC mortgage, GMAC auto financing, and GMAC insurance, all separate companies held by the same holding company, are different matters entirely. GMAC mortgage (and Ditech, its subsidiary) has been in a world of hurt lately. GMAC bank’s losses last year were relatively small (compared to prior years’ earnings) and their ratio of nonperforming assets was relatively low… WELL below those of banks that have failed so far…

  11. Gail said:
    on May 28th at 08:39 am

    GMAC has the worst customer service in the world. My current mortgage is with them and I HATE THEM. I have tried to contact them THREE times to refinance and they DO NOT return my calls. I have money to invest in a CD but it wouldn’t matter if they were paying 10% for 1 year – I would never give them any more of my money! Take a hike GMAC!

  12. raderator said:
    on May 28th at 09:08 am

    The Ally Bank online experience is certainly the best out there. I can’t think of one thing I don’t like. I’m using them as my only bank since I use cash-back credit cards to pay for everything and autopay them direct from Ally. Fast transfers, free checks, Visa CheckCard, ATM rebates, no-penalty CDs, high interest, 24/7 support, no teaser rates. Now they even look cool. You certainly have to give them an A for effort. I even put up a web page with a few tips: http://home.earthlink.net/~raderator/ally/

  13. JJ said:
    on May 28th at 01:22 pm

    Spent the time to fill out the online application for a CD and was told I had to call someone. Two calls later to two idiots who didn’t know how to open my account and after being told an operator would have to call me back in a few days and I don’t trust these people at all. I wouldn’t invest a roll of nickels with these clowns.

  14. BB said:
    on May 28th at 02:59 pm

    Raderator – sounds like you work for Ally and are pretending to be a customer. Your post sounds so insincere and fake. If you have to do that, they must be horrible. Turns me off when I’ve been on the fence about them

  15. Brianna said:
    on May 29th at 08:41 pm

    I opened both a Money Market account and a CD with Ally last week. The rep over the phone was very nice and answered all my questions. I had a theft alert on my credit and they didnt open my account right away. It took more time since I had to send in my drivers license, but at the same time….its for my protection. After i sent it, they called me back the next day with my account number. Its good to know they wont just open an account for anyone. less chance for idenity theft. They put the money in directly from my other bank and I was earning the next day. Really easy process. Plus! I love the rates!

  16. Bill said:
    on May 29th at 10:05 pm

    Brianna must be a company shill. Why advertise online products if you have to call people, be called by people and send in a Drivers License? Are you nuts? What ABOUT this “process” was easy? Waiting on the calls? Not me Jack.

  17. name said:
    on May 30th at 12:16 am
  18. Jiack Pocer name said:
    on May 30th at 12:19 am

    The best for me

  19. Customer said:
    on June 5th at 08:16 am

    By the time your money reach opened online Ally account the CD rate most likely be slashed. Does not matter if it was an electronic US money transfer. Be aware!

  20. Sue said:
    on June 16th at 04:03 pm

    GMAC or Ally same bad firm
    Fake bank gmac, fake bankruptcy, fake car company, after loosing many billions of dollars, next comes the real bankruptcies.
    ((((((((((())))))))))))
    Change the name, still same POS

  21. Jay said:
    on October 25th at 03:11 pm

    I have been a customer for 2 years and I think Ally is an outstanding bank. I always liked their rates but I just received an e-mail telling me that I could earn a higher rate for some money I had sitting in my online savings account….just like their pony commercial! I called up customer service and they were friendly and helpful and took care of optimizing my money. In a world of pathetic customer service, it is nice to see Ally step up.

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