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GMAC Bank has changed its name to Ally Bank with a new website at Ally.com. With all the bad press related to GM and GMAC, I guess the bank decided it needed to separate itself from GMAC. However, Ally Bank remains "part of the GMAC family of companies."

For savers, the one big change is a new No-Penalty CD with a 2.50% APY and a 9-month term.

 

Submitted: May 15, 2009    Views: 352    Comments: 2    Likes: 1   


View Article: http://bankdeals.blogspot.com/2009/05/gmac-bank-changes-name-to-all...


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Comments Received:

BankMan
BankMan

I guess Ally Bank wanted to change their name before their corporate parent goes bankrupt. Not great publicity.

The 2.5% no-penalty CD is interesting although I think I would rather go with the EBSB 2.81% savings rate locked until September 20. Rates are moving up so I don't see the advantage of locking into anything at this point.

Posted: May 15, 2009

ktexas
ktexas

The no-penalty feature definitely helps reduce the fear of future rate hikes. We'll see if rates start to go up in the fall. I should also note they have a 2.60% 9-month CD without the no-penalty feature. In my opinion, the no-penalty feature is definitely worth the 10 basis points.

Posted: May 15, 2009



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