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

Product	Bank Rate	Min Deposit
Ally Bank Savings		0
Ally Money Market		0
Ally No Penalty CD		1
Ally 3 Month CD		1
Ally 6 Month CD		1
Ally 9 Month CD		1
Ally 12 Month CD		1
Ally 18 Month CD		1
Ally 24 Month CD		1
Ally 36 Month CD		1
Ally 48 Month CD		1
Ally 60 Month CD		1

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 .

The AllyBank money market account features:

• yield
• 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!

Related Bank Rates & Bank Deals:

1. GMAC Bank Is Now Ally Bank at Ally.com
2. Get A Better CD Rate – Renewal at Ally Bank
3. American Express Savings & CDs Review