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.

So far there hasn’t seem to be major changes in the bank rates. Savings and money market rates have remained constant.

The AllyBank savings account features:

• 1.49% APY yield (Updated 2/3/2010)
• 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 1.30% APY. Their 1 year CD has a pretty competitive rate, at 1.65% APY. Both of these are current as of 2/3/2010. They also have a new 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 AllyBank money market account features:

• 1.49% yield (Updated 2/3/2010)
• No monthly fees
• No minimum balance
• Free check card and 50 free checks
• Daily compounded interest
• Six withdrawals or transfers per billing cycle

AllyBank is still FDIC insured, so as long as you stay below the limits you should be fine. You can also get extra coverage up to 1.5 million by opening joint accounts, trust accounts etc. For example:

• Ally Bank Account 1: John Doe, $250,000
• Ally Bank Account 2: Mary Doe, $250,000
• Ally Bank Account 3: Joint Account, John and Mary Doe, $500,000
• Ally Bank Account 4: John Doe, In Trust For (ITF) Mary Doe, $250,000
• Ally Bank Account 5: Mary Doe, In Trust For (ITF) John Doe, $250,000
• Total: $1,500,000

This is a great way to ensure that all your money is protected. Visit Ally Bank for more information!

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.

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.

*Extra* 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!

Darby Direct is the online division of Darby Bank. They currently offer CDs and a Money Market account. Unfortunately it appears that Darby has recently limited their deposits to the state of Georgia, so these rates are no longer nationally available.

Darby has a money market account with a 1.25% APY. The Darby money market account has no minimum balance requirements and no monthly fees.

Darby Direct also has 2 CDs. The online CD has a 9 month term and a CD rate of 1.90% APY. The breakable certificate of deposit has a 2.50% APY and a term of 18 months. You can withdraw funds without penalty after 90 days have passed. Minimum deposit on both CDs is $500, and there is no maximum deposit.

Darby Direct is FDIC insured through Darby Bank.

Coulee Bank is a small bank located in Wisconsin. They are currently offering some decent CD and money market rates, as well as a rewards checking account with a rate of 4.04% APY.

Coulee’s current CD rates are as follows:

• 11 month CD – 1.52% APY, $25,000 minimum deposit
• 12 month IRA CD – 1.08% APY, $500 min deposit
• 18 month IRA CD – 1.51% APY, $500 min deposit
• 30 month IRA CD – 2.31% APY, $500 min deposit

The Coulee Money Market account offers 0.89% APY on balances over $50,000.

With the Free Rewards Checking account, you will get a 4.04% APY on balances between 0 and $25,000, and .51% APY on balances over $25,000. In order to get the 4.04% APY you must complete the following:

• Make at least 10 debit card point of sale transactions (non pin)
• Sign up for monthly electronic statements
• Initiate one direct deposit or ACH auto debit over $1.00

For Rewards Checking, a “qualification cycle” starts on the last business day of a month and ends on the second to last business day of the next month; this allows us to calculate and post interest and ATM refunds on the last business day of each month. All requirements must be completed and posted in each qualification cycle to be considered a qualifying account and receive the e-rate for that month. Interest is calculated and paid through the last calendar day of the month.

Bank of America is offering a $100 bank bonus for opening a new qualifying checking account with a initial deposit of $500. This bank offer is only available to new customers, and the new checking account must be open for 30 days before the bonus is deposited. In addition, you need to make at least one transaction with your new check card.

To open a new checking account, apply online or go to a banking center and reference offer code AOU261109.

The checking account itself features:

• Free MyAccess Checking with no monthly maintenance fee when opened online. Special online only offer
• Banking near home, work or school with over 6,100 banking centers
• Access to your money at over 18,000 ATMs
• Check balances, pay bills, and transfer funds with Online and Mobile Banking
• Effortless savings with Keep the Change

The promotion expires on Jan 31, 2010.

Citizens Bank is currently offering a $100 bank bonus for opening a checking account. This holiday promotion expires on Dec 15, 2009. In order to get the full $100 bonus, you have to complete the following:

• Set up direct deposit for a payment of at least $50 – $50 bonus
• Make 5 online bill payments – $25 bonus
• Make 5 signature based debit or credit card purchases – $25 bonus

Once you complete all 3 you can get the full $100 bonus deposited into your checking account.

The Green checking qualifies for this promotion and it only requires $50 to open, with no monthly fees or min balances. The Green Checking also has their Greensense program. The greensense program pays you 10 cents for every debit purchase, online bill payment, or automatic payment with a limit of 100 per month. Their Free Green Checking has the following features:

• No monthly maintenance fees
• No minimum monthly balance requirements
• FREE Debit Card with Zero Liability
• FREE Online Banking & Bill Pay — save paper and postage stamps
• FREE Steady Save^® — an easy automatic savings plan

This promotion expires on Dec 15, so make sure you apply soon!

*UPDATE: This deal is no longer available*

ING Direct is running a Black Friday promotion where they are giving away $121 for signing up for their Electric Orange Checking Account.

ING Direct chose $121 as their bonus amount as it is the average amount the consumers pay in overdraft fees annually.

To get this bonus, you must complete the following:

1. Open an Electric Orange checking with Reference Code EOSAVE.
2. Use your Debit Card to make 3 signature transactions (not PIN based) within the first 45 days.
3. On day 50, we’ll put $121 in your account. You have to open today to get the $121 bonus.

At the end of the signup process, you should see some kind of confirmation that you are eligible for the $121 bonus. If you don’t, you should call ING and they can add the reference code on for you.

For existing ING customers who signed up, you should be able to log-in and see a “Get a Bonus” message next to your Electric Orange account.

Examples of signature-based transactions include:

• Any purchases that require your signature(choosing ‘Credit’ instead of ‘Debit’) when checking out.
• Internet, phone or mail order purchases.
• Using your Card for automatic bill payments like your cell phone, cable or utilities.

Note that this bank bonus is required to be reported on your taxes.

First Tennessee Bank is currently offering a $150 checking bonus for opening a new checking account.  This bank deal is valid until 12/31/09.

Here’s a few details about the bank bonus:

• To receive bonus, you must open your new checking account at a financial center and present a copy of this ad or open online at https://www.firsttennessee.com/150 and follow instructions to receive bonus.
• Minimum opening deposit in your checking account is $300.
• If you meet the stated requirements of this promotional offer, the bonus will be credited to your account within 6 weeks
• $50 Bonus is for new or existing customers who have never used First Tennessee Bill Pay Online or who have not used Bill Pay Online with any First Tennessee account since August 1, 2009.
• Customer must pay a minimum of six (6) bills using First Tennessee Bill Pay Online between November 1, 2009 and December 31, 2009

If you are already a First Tennessee Bank customer, you can still get a $50 bank bonus for using online bill pay.