GMAC Bank recently changed its name to Ally Bank . This was done amid all the news and buzzes circling the bankruptcy of General Motors. The website of the bank now points to ally.com. The bank offers the best cd rates for their new 9-month term No Penalty CD at 2.30% APY.

The No Penalty certificate of deposit can be considered very competitive even without the no penalty feature since rates are falling everywhere you look at. Interested parties can open an account online, via phone, or mail. The instructions to open an account can be found in the FAQ page of their website.

Consumers who open the no penalty money in the bank deal has the privilege of withdrawing the funds after six days of funding or any time there after without incurring any penalties. The withdrawal though must be done in full amount together will all the earnings of the account.

The bank has also made withdrawal of the certificate of deposit funds very easy for the account holders. They accept instructions over the phone, via regular mail or secure email.

GMAC is known to have a good customer service and ACH transfer facility. Linking your bank account to another account is relatively hassle-free.

The bank still offers the traditional CD’s with the top cd rates. One of the most competitive in the market today is their 1-year classic certificate of deposit which gains 2.49% APY.

We are not quite certain why but the bank scratched the minimum balance requirement to open a CD account. It is now $0. We are pretty sure though that not a lot of people would like to open a CD lower than $100 in balance since they logically will not earn anything from that.

The bank is FDIC insure with certificate # 57803. With the recent filing for Chapter 11 of GM, it will be safe to stay within the FDIC limits. Experts say that the event will unlikely lead to a bank failure.