October 6th, 2011
Ally Bank (formerly GMAC) has some very competitive rates. They have tried to steer clear of the GMAC badge and re-create themselves as a no-nonsense bank. They opened in August of 2004 and changed the name in May 2009. They have grown quite rapidly and now are one of the larger banks in the country with over $77 Billion in assets.
|Star Rating:||5 (*****)|
|Address:||6985 Union Park Center Suite 435|
Midvale, UT 84047
|Penalty:||60-days of lost interest (5-year CD)|
Ally Bank has strong financials. They and Aurora Bank, have been running almost neck and neck.
Their early withdrawal penalty has been popular and caused somewhat of a stir. It is only 60-days of interest and most banks have language to the effect of "if we consent" which means they could technically not honor a request to close a CD early. Ally Bank does not. Any body have experience with this bank, please leave a comment.
*The 2-year and 4-year CD offer a bump-up feature. You can adjust the rate during the term if rates move higher. Your original CD term remains intact.
-- By +Chris Duncan