Ally Bank is a unit of GMAC financial services. They’re a bank holding company formed at the end of 2008. They’re an internet bank as well, meaning they offer some of the sweetest deals and most attractive rates to be found online.
The sweetest deal of all with Ally Bank, at this time, is the very attractive deposit rates offered to savers. Their rates are what attracts many to look more closely at them. The American Bankers Association even wrote to Ally Bank to encourage them to lower their deposit rates. The ABA clearly thinks they’re too generous, at nearly twice the national average. I am as pleasantly surprised by the Ally Bank return on their savings account and at the same time appalled by the ABA’s recommendations to hold back on rewarding customers.
Of course, Ally Bank’s policy is to both emphasize and build on their capital holdings. To do this, they’re encouraging and enticing potential customers to deposit their money with them. Capital holdings are the foundation of any banks’ security and GMAC as was in desperate need to persuade the market that they are financially sound. Join the rush of new customers to open an account and get these high rates while they’re being offered. Ally Bank is telling the ABA that they will continue to give high deposit rates to its customers as long as it needs to attract the business.
Ally Bank is not related to General Motors. Because of the name, you may have assumed GMAC was a puppet financial arm of General Motors, but it’s not, rather it’s a fully independent banking operation making traditional lending and banking services. GMAC specialized in offering lending to GM and Chrysler dealers to finance their car deals.
Your money will definitely be safe with Ally Bank as they are FDIC insured, and customer experiences with Ally thus far have convinced me that it is a good company. You might have seen the new advertisements and promises of ‘no minimum deposits’, ‘ no monthly fees’, ‘no minimum balance’ and a kind of desperate plea for trust; ‘NO SNEAKY DISCLAIMERS’. I believe if you are looking for a bank to trust Ally is your best bet.
As mentioned, Ally Bank saving accounts and Certificates of Deposit (CDs) are all FDIC insured. The limit is $250,000 at this moment and it won’t come down to $100,000 for another three full years. If you wanted to increase this security of cover, open multiple accounts across banks.
Ally Online Bank offers 2 main products, an online savings account and a CD with really good rates of return. The online application process was easy, simple and quick. you can open multiple accounts with a single application and avoid the usual duplicate time-consuming form filling.
Ally Bank is an exciting renewed retail banking option. As we move past this latest financial crisis, we are all looking for banks to demonstrate to us how they have changed. There is a lot of competition among the banks for our dollars. It is reassuring to see Ally make the first customer oriented moves with the renewed savings account that offers more than 2% interest. Don’t take fright at the old name but look to the safety of the guarantee and be comforted at the same time as you earn more interest by transferring to them. Get started today before these great rates go away!