Bank Champ » GMAC Bank http://bankchamp.com Championing the best banking deals! Mon, 09 Nov 2009 19:13:28 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 GMAC Bank Becomes Ally Bank http://bankchamp.com/gmac-bank-becomes-ally-bank/ http://bankchamp.com/gmac-bank-becomes-ally-bank/#comments Sat, 16 May 2009 12:47:49 +0000 Bank Champ http://bankchamp.com/?p=43 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.

]]> http://bankchamp.com/gmac-bank-becomes-ally-bank/feed/ 0 UFB Direct 2.65% APY 12-Month CD http://bankchamp.com/ufb-direct-265-apy-12-month-cd/ http://bankchamp.com/ufb-direct-265-apy-12-month-cd/#comments Fri, 27 Mar 2009 12:29:16 +0000 Bank Champ http://bankchamp.com/?p=9 UFB Direct, a subsidiary of Waterfield Bank, an FDIC insured bank, has one of the best set of certificate of deposit rates currently available today. The crown jewel of the bunch is a 12-month certificate of deposit (CD) at 2.65% APY with a minimum deposit of $8,000. All of their CDs have a minimum deposit of $8,000. They also offer a six month term CD for 2.30% APY, which is a pretty solid rate itself. If you’re willing to go to a 60-month CD, they are willing to give 3.50%, which is a fair value for that length.

If you want a CD for multiple years, I recommend trying Pentagon Federal Credit Union because their 3-year yields 3.50% APY and the 5-year sports a 4.00% APY rate. You can qualify to join PenFed if you join the National Military Family Association, an organization anyone can join by paying an annual fee.

The only nationally available rate that I can think of that beats the UFB Direct 2.65% on a 12-month CD is GMAC Bank, 2.85% for a 12-month term CD and their minimums are only $500.

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