Ally Bank CD Rates, Savings Account Rates

Most people know that GMAC bank has a new name, and with that name is coming some pretty high deposit rates. Ally Bank CD rates are as high as 2.80% APY. While that may not seem huge, it is quite high for the economy we are in, and some people are questioning whether Ally Bank should be allowed to do this after all the down turn with GMAC.

The American Bankers Association’s President & CEO Edward Yingling sent a letter to the FDIC’s Chairwoman, Sheila Bair asking that Ally Bank not be allowed to have such high bank rates. Why such a fuss? Lets not forget where GMAC was just a short while ago, and where it is right now. It appears by many that the strategy of Ally bank is to work its way out of its financial crisis by quickly obtaining mass amounts of customers with the tempting Certificate of Deposits, Online Savings Accounts, and Money Market Accounts.

How will this turn out for the banking industry? Will Ally bank continue picking up new customers left and right with its new game plan despite what appears to be financial instability?

If you do get a Bank CD from Ally keep in mind you are FDIC insured up to $250,000 which means you don’t have much to worry about.