GMAC 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

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 . Continue reading…

EverBank is offering a 3 month promotional rate at 2.51%, which is one of the highest money market rates currently available. This 3 month promo rate is only good for new customers and only applies to balances up to and including $50,000 in the Yield Pledge Money Market Account, and up to $100,000 in the FreeNet Checking Account.

You can actually get 6 months with the promotional % rate, by using the checking 3 month promotion and switching over to the money market promotion. Once the promotion is over, your account will revert back to the standard ongoing rates.

Yield Pledge Money Market Account Review

The Yield Pledge Money Market account has check writing privileges of up to 3 checks per month. You need $1,500 to open an account, and a $5000 minimum balance is required to avoid the monthly fee of $8.95.

This “top 5% yield pledge” also means the rate will always be in the top 5% rates of competitive banks. I’m not sure that means that much, but I guess it’s a minor guarantee that the rates wont plummet. Interest is compounded daily and credited monthly.

The money market account has a promotional 3 month bonus rate, and 2.00% after that.

• First 3 Months: 2.51% rate up to $50K, 1.64% portions of balance over $50K
• Second 9 Months: 1.64% rate on all balances
• Overall Average Rate (12 months): 1.98% rate, 1.77% APY

Only the initial promotional rate is guaranteed, the rest of the rates are subject to change. Visit the Yield Pledge page for more information.

FreeNet Checking Account Review

This FreeNet checking account allows for unlimited check writing, with a free first book of checks. There are no fees on this account unless you register for the optional Online Bill Pay. If you register for this service, there’s a 8.95/month fee if your average monthly balance falls below $5,000. In addition, you can get up to $6 in ATM fees reimbursed per month by maintaining the $5,000 balance.

You can apply for the account online and EverBank has a full online banking service. Interest is compounded daily and credited monthly.

The money market account has a promotional 3 month bonus rate, and 2.00% after that.

• First 3 Months: 2.51% rate up to $99,999, 1.73% portions of balance over $99,999
• Second 9 Months: 1.52% rate on all balances

Only the initial rate is guaranteed, the rest of the rates are subject to change. Visit the FreeNet Checking page for more information.

EverBank Overview

Everbank has a reputation for slower transfers, taking anywhere from 4-6 business days causing up to 2 days of lost interest. According to Everbank this is because of their Fraud prevention service. Everbank has ACH transfers as well as wire transfers; incoming wire transfers are free and outgoing ones cost $25.

EverBank’s online interface is easy to use and straightforward. EverBank is FDIC insured, and while it’s primarily an internet bank it is one of the largest. The bank has high safety ratings.

Harris Bank currently has a bank bonus of $150 for opening a checking and savings account and set up automatic savings. You can get $100 for opening an interest checking account and $50 for setting up automatic savings.

The Harris bank checking account features $100 minimum deposit and a $15 monthly fee. The monthly fee can be waived with direct deposit or an average balance of $2000. The account also earns interest.$100 of the bonus comes from opening the checking account. In order to receive the incentive for the personal Interest-Checking Account, one of the following requirements must be met: a) the checking account must have a (monthly) $300 minimum direct deposit within 90 days of account opening or b) the presence of at least five online bill payment transactions within 60 days of account opening.

You can use an existing savings account or open a new one. Harris Bank has a variety of different savings accounts available.

The remaining $50 comes from setting up an automatic savings program. Add Harris Auto Save to your Interest-Checking Account and see how easy it is to save. Just designate an amount you’d like to save and every month that amount is transferred automatically from your checking to your Harris savings or money market account. In addition, we will waive your savings or money market account’s minimum balance requirement when you automatically transfer a designated amount from your Harris Interest-Checking Account each month.

In order to receive the cash incentive for the Harris personal Savings Account, the Auto Save feature must be active between January 25, 2010 and March 15, 2010 for the following fixed monthly minimum transfer amounts from your Harris personal Checking Account: $25 to Harris Statement Savings; $100 to Harris Money Market Account or Harris Premium Savers; or $250 to Harris Relationship Money Market Account.

Limit one incentive per Household. Offer ends on March 15, 2010.

Get a $150 bank bonus for opening a checking + savings or money market account with Sovereign Bank.

This offer is available to residents in the following states: ME, VT, NH, CT, RI, MA, NY, NJ, PA, MD, DE, and District of Columbia

In order to qualify for the $150 bank bonus, you must:

• Open a Sovereign Interest Checking account with a $100 minimum deposit
• Open with a $100 minimum deposit or have a savings or money market savings account
• Enroll in free Online Banking at account opening
• Set up and receive one direct deposit within 60 days of account opening
• Get a Sovereign Debit Card and use it to make 5 purchases within 60 days of account opening

The Sovereign Interest Checking account features:

• Free Online Banking with BillPay
• No monthly maintenance fee with direct deposit, otherwise $10
• No minimum balance requirement
• Sovereign Gold CheckCard with no annual or monthly fee
• No fee to use other banks’ ATMs in the U.S.
• Free Graystone-style checks

This bank deal ends on March 13, 2010.

TotalBank has several top short term promotional online CD rates available.

• 3 month e-CD: 1.10%
• 6 month e-CD: 1.30%
• 9 month e-CD: 1.40%
• 12 month e-CD: 1.50%

On top of that, TotalBank has many other CD products available in branch, including a bump up 5 year CD for 3.00% APY.

The TotalBank e-Savings rate is currently at 0.85% APY.

TotalBank is FDIC insured. These bank rates are current as of 2/11/2010.

Chase Rewards: Redeem $25 Dining Gift Card & get $10 AMC Gift Card Free!

If you have a chase credit card (personally I use the Chase Freedom Card) and you have more than 2500 rewards points available, you can get a free $10 AMC gift card when you redeem your points for a $25 dining gift card.

Just go to the Ultimate Rewards link on your account summary and you should see the reward on that page.

There are 4 main restaurants available: On the Border, Chili’s Maggiano’s or Macaroni Grill, but I was able to get redeem for an Outback gift card and still get the AMC gift card, you just have to search for it.

Chase used to have this pretty solid reward where you could get a $250 in cash (they send you a check) with $200 in rewards points, but they seem to be slowly phasing that out for people. I can no longer see that option in my account.

This promotion will end on 3/14/2010.

This isn’t the best bank bonus, but for anyone looking to open a Citibank Savings Account you might as well get a free $25 out of it, right?

All you have to do is open a Citibank Ultimate savings account and deposit a minimum of $1,000 by 2/28. You have to maintain a minimum of $1000 for 3 consecutive months to get the bonus $25 deposited into your account.

The Citibank Ultimate savings account currently has a savings rate of 1.01% APY. There is no monthly fee for this account.

You can apply online using code C2C6, or by calling 1-866-422-0315 and using code C2C6.

Offer ends on 2/28/2010.

I heard at my local Chase (formerly known as WaMu) branch that they are running the President’s Day bonus again for 2010. They ran bank promotion on last year and kept their branches open on President’s day 2009 for that reason.

To get the bonus, all you have to do is open a new checking account and deposit $100, and Chase will match that with a $100 bonus.

To remove the minimum fees, you’ll have to use your debit card 5x a month on signature based purchases, or set up a direct deposit for at least once per month. There is no minimum balance for the account.

You can also open a business checking account with $100 and get $100 free as well if you do not yet have one. You can open a business account with just your name and SSN as a sole proprietor, however the business accounts tend to have higher min deposits and requirements for waiving the monthly fee. Also Chase periodically has $200 bank bonuses for opening a business account so if you’re not in a rush I would hold off on a business checking account.

Your mileage may vary – be sure to call into your local Chase Bank to see if they are running this promotion on Monday. Applies to new customers only.

Suntrust Bank is offering a bank bonus of either $100 or $150 for signing up for online billpay. You can get a $100 bonus if you already have a existing Suntrust account without billpay, and you can get a $150 bonus if you are not a Suntrust customer.

In order to receive the checking bonus you must:

• Sign up for a new Suntrust Checking account ($50)
• If you already have one, register your existing account
• Sign up for online bill pay ($100) here
• Pay 3 bills using auto pay for 3 months straight
• When these requirements are met, the bank bonus will be deposited into your new checking account.

If you have an existing Suntrust checking account you can sign up for the promotion here.

Fine print:

SunTrust will direct deposit the appropriate amount into the primary SunTrust personal checking account enrolled in the promotion through suntrust.com/solid up to 10 weeks after the last bill payment was processed. Client bill payment status must show “Processed” to be eligible. The SunTrust personal checking account must be open and in good standing at the time the direct deposit is paid. Offer cannot be combined with any other offer. Offer valid for U.S. residents. Client must be 18 years or older to participate. SunTrust may report to the IRS the value of the incentive and any applicable taxes are the responsibility of the recipient.

This offer ends on 4/30/2010. Find Suntrust branch locations here.

BB&T Bank is offering a $100 checking bonus when you open a new BB&T Free Checking Account. This bank promotion is valid through March 31, 2010.

In order to get the bonus you must open a BB&T Free Checking Account and set up a direct deposit OR make 3 online bill payments to receive a $100 bank bonus from BB&T.

Enter the BB&T Bank promotional code AFJAP when you apply online for this BB&T Cash Bonus Offer or call 1-800-BANK-BBT (1-800-226-5228) and select option 4 to apply by phone, and make sure you mention the BB&T promo code AFJAP.

This BB&T promotion is available to new clients who have not had any BB&T personal checking accounts within the last 6 months.

Bank Bonus Requirements:

In order to receive the $100 incentive, new clients must use the online bill payment service to initiate 3 online bill payments from your new checking account within 60 days of account opening OR enroll in and receive a direct deposit to the new personal checking account within 60 days of account opening.

Bank Bonus Limitations:

The $100 account opening incentive will be deposited directly to your account within 4 weeks of meeting the requirements, and your account must be open and in good standing to receive the bonus cash.

The offer is limited to 1 incentive per household, and it does not apply to second or multiple personal accounts. You must not have had any personal BB&T checking accounts within the last 6 months.

You must live in the following states to open a BB&T Bank account: AL, DC, FL, GA, IN, KY, MD, NC, SC, TN, VA, or WV.

The BB&T Free Checking Account features:

• No minimum balance or monthly maintenance fee
• Free BB&T Check Card with Visa Extras
• Free mobile banking
• Free online banking with billpay
• BB&T Visa Platinum Credit Card with optional BB&T Rewards

TD Bank currently has a bank deal for TD Bank debit card holders. If you register your TD Bank Visa debit card you can get a $10 gift card for every $100 you spend on groceries, up to $50 in gift cards.

• You must sign for grocery purchases with the debit card between 1/17/10 and 3/6/10.
• You can earn up to $50 in gift cards
• Purchases must be made at a merchant in the United States that is classified with Visa as a grocery store and is not affiliated with superstores, warehouse clubs or discount stores that may sell groceries.
• Purchases must post to your account during the offer period to qualify
• Online purchases do not qualify unless the merchant identifies them as grocery store transactions
• Only signature-based purchases made with a debit card issued by TD Bank are eligible for the offer

The total amount of grocery purchases using your debit card get totaled up at the end of the promotion period. The total purchase amount includes tax. TD Bank mails the gift card to the address you used when signing up for an account.

This bank promotion ends on March 6, 2010. Visit the promotion page to find out more.

One of my CDs at Ally was recently expiring and I called them to cash out a CD. Most of the time a bank will count on you not paying attention to when your CD matures and try to roll you into a low interest rate. I was pleasantly surprised when Ally’s representative offered me a retention bonus of 0.5%, allowing me to get a 1 year CD at 0.50% above their current posted rates. I was also able to deposit additional money into the account at that rate.

I currently do most of my online banking with Ally Bank because they have some of the best CD rates and savings rates available. There was one instance where they accidentally processed my transfer twice, but a quick call to customer support cleared it up quickly and easily.

With Ally’s 10 day best rate guarantee, you automatically get a higher rate if it increases within the next 10 days. In addition, with the 2 Year CD you have the option of raising your rate once if Ally has a better rate during the term of that CD. There is also no minimum deposits on any of Ally Bank’s products.

Chase Bank currently has a $200 bank bonus for opening a business checking account by 1/3/10. You can open the account online or take the coupon code to one of Chase’s physical branches, or call Chase at 1-800-CHASE24 (1-800-242-7324).

Even though this promotion is for businesses, you can open it as a sole propietor by using your SSN. A $500 minimum initial deposit of new money is required within 30 days of account opening to qualify for the bonus.

Customers opening a new Chase BusinessClassic Checking, Chase Advanced Business Checking, Commercial Checking, or Chase BusinessPlus Extra Checking accounts (interest counterparts included) are eligible to receive this offer.

You can qualify for no fees on your business checking account if it is linked to a Chase business credit card which balance must exceed $0 at least once during the current checking account statement cycle and the credit card must not be delinquent, closed, charged off, or revoked.

Limit one business checking account related award/premium per customer, per calendar year. Offer not available on account conversions or in combination with any other offer. Cash bonus will be automatically deposited into your new Chase business checking account within 10 business days upon confirmation of the deposit requirement. Cash premium does not count towards the deposit requirement.

Deal ends 1/30/2010.

(Note: you must be logged into the chase system to view the coupon.)

*EDIT*: It appears that this deal is dead. The coupon site is no longer active. To be informed of the latest bank deals and bonuses, make sure you sign up for ThePiggyBanker.com’s free newsletter.

Capital One currently has a $300 bank bonus available for opening a new Capital One Rewards checking account.

A $50 minimum opening deposit is required. Here are some details on the bank deal:

• Direct deposit must be set up on a recurring basis and is subject to your employer or other payor offering the direct deposit option
• A payroll/direct deposit transaction must post to your account within 90 days of account opening
• Tax refunds are not considered an eligible direct deposit to receive this incentive
• You will receive a $300 credit to your checking account approximately 6-8 weeks after the end of the promotion and the first recurring payroll/direct deposit is posted to your account
• This offer is strictly nontransferable
• Limit one payroll/direct deposit incentive offer per customer

A quick review of the Capital One Rewards checking account:

• Free checking with no monthly service fees, and no minimum balance nor direct deposit required.
• Earn rewards when you swipe your debit card, write a check, or pay bills online.
• Shop and bank as you normally do—your rewards pile up automatically
• Choose from cash, travel and merchandise.
• Transfer rewards to other Capital One accounts, including business, friends and family
• We’ll also throw in 5,000 bonus miles for opening an account and using direct deposit

Account holders will receive a one-time bonus of 4,000 miles when the first direct deposit transaction posts to the checking account. Account holder will receive 1,000 miles on the first rewards membership anniversary with us if at least one debit card purchase is made during the first membership year. This bonus will be applied to the rewards balance within 60 days following the rewards membership anniversary date. Continue reading…

US Bank has some competitive online certificate of deposits that are nationally available. Their CDs require a minimum deposit of $1000 and you can apply online instantly. The current CD rates (as of 12/23/2009) are as follows:

• 23 month CD – 1.75% APY
• 42 month CD – 2.00% APY
• 59 month CD – 3.00% APY

Interest is paid annually and at maturity. Annual Percentage Yield (APY) assumes principal and interest remain on deposit for the term of the certificate. All interest payments for the advertised APY will be made at the end of the term or annually, whichever occurs first. Penalty will be imposed for early withdrawal, and CDs are automatically renewed at maturity.

USBank also offers local CD rates, money market accounts, and savings accounts with localized rates. Visit their website to find the current interest rates for these products.

US Bank is FDIC insured.

The parent company of UmbrellaBank.com – New South Federal Savings Bank has failed. All deposits should be secured because Beal Bank has taken over the bank. Here is the excerpt from the FDIC press release:

New South Federal Savings Bank, Irondale, Alabama, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Beal Bank, Plano, Texas, to assume all of the deposits of New South Federal Savings Bank.

The sole branch of New South Federal Savings Bank will reopen on Monday as a branch of Beal Bank. Depositors of New South Federal Savings Bank will automatically become depositors of Beal Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Beal Bank that it has completed systems changes to allow other Beal Bank branches to process their accounts as well.

This evening and over the weekend, depositors of New South Federal Savings Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

The bank had $1.5 billion in assets and $1.2 billion in deposits. If you would like more information you can contact the FDIC at 1-800-423-6395. You can also find more information at the FDIC website.

You can log in to the temporary UmbrellaBank.com site here.

If you’re looking for a chase bank new checking account bonus look no further - here is a link to a signup page where they will email you a coupon code. I just used this to open a new Chase checking account.

The chase checking account requires a $100 deposit and features:

• FREE access to 15,000 Chase ATMs nationwide
• FREE Online Banking & Online Bill Pay
• 24/7 access with Chase Mobile^SM on your phone
• No monthly service fee with direct deposit or five debit card purchases

This offer expires on 12/13/2009.

I have come across a list of active coupon codes for $125. If you are interested please email me at thepiggybanker@gmail.com, or follow me on twitter at http://www.twitter.com/thepiggybanker and send me a DM… thanks!

*EDIT*: It appears that this deal is dead. The coupon site is no longer active. To be informed of the latest bank deals and bonuses, make sure you sign up for ThePiggyBanker.com’s free newsletter.