I have been a customer of this bank since 2006 when it was under GMAC. On May 15, 2009, GMAC relaunched its banking unit as Ally Bank. Since signing up, I have spread the good word to friends and family and have made them all happy. I first signed up for their Money Market Account, then recently added their Savings account too. They have among the highest rates of any bank, and a secure sound rating according to bankrate.com
Ally Bank was built on the foundation of GMAC Financial Services. Since relaunching their banking unit, Ally has made some changes to their accounts. Ally now offers accounts with no monthly fees, no minimum deposits, and no minimum balances. The bank offers 4 savings and CD products: Classic CD, No Penalty CD, Online Savings Account, and a Money Market Account.
As demonstrated in Ally’s television commercial, Ally Bank seeks to offer its customers a better bank that breaks away from the traditional banking process. In addition, the mission statement stresses that Ally Bank will be an “open, accountable, and honest” institution by being “straightfoward” with “no sneaky disclaimers.” Ally offers its customers around the clock access to a call center agent for customer assistance. Ally Bank accounts are FDIC insured to $250,000.