GMAC Bank Becomes Ally Bank

GMAC Bank customers got a bit of a scare this week when a visit to GMACBank.com redirected them to Ally.com. That’s because GMAC Bank decided to rebrand itself, not a bad move given the turmoil surrounding General Motors and what appears to be an inevitable structured bankruptcy. GMAC/Ally Bank announced in a press release that would offer leading bank rates, no teasers, and 24-hour service! Hooray!

Technically, they are a unit of GMAC Financial Services, much like GMAC Bank was, and they would offer the whole breadth of financial products including CDs, online savings accounts, and money market accounts. For GMAC Bank customers, nothing changes – your login and passwords are the same.

To help kick off the fun, they now offer a no penalty CD. You can withdraw your funds from the no penalty CD after six days without penalty. You can read the full FAQ here and they are currently offering a 9-month 1.49% APY no penalty CD.