GMAC Bank is Now "Ally Bank"

Yes that's what it read when I visited GMAC Bank's (old) website. Let's hope this namesake change may help GMAC Bank suceed in strengthing their potential loss buffer of $11.5 billion. The change is refreshing with new name Ally, new look and some new products.

I am planning to shift to a high interest paying Online Savings Account for many days and GMAC Bank was one of the top contenders so far. Although I haven't decided so far but still I thought I should let this post out as many had an eye on GMAC.

The purple-ish Ally Bank has the same great interest rates as they were as GMAC Bank including 2.25% Online Savings Account, 2.80% 1-year CD and 1.90% MMA.
Ally Bank is borned to do the business based on three principles: talking straight, doing right things for customers and being highly competitive.

Some of the striking product changes Ally Bank has to offer are:
(if I understood correctly)

• no minimum deposit needed to open any of their account (yes you need only $0 to start)
  
• option to withdraw interest as income
  
• No-Penalty CD (9-month term only) @ 2.50%, you can withdraw your full money after first 6 days of deposit without any penalties
• interest is compounded daily

Ally Bank is a part of GMAC Financial Services that specializes in automotive finance, mortgage operations, insurance, commercial finance and online banking. Ally Bank's intentions seem to walk ahead with high transparency while embracing customers but it doesn't slip my mind that GMAC posted $675 million loss in first quarter of this year. While many analysts say that GMAC will need another bailout, the institution seem to be putting every possible effort to achieve more customers.

After this brain-storming, I found myself standing (yet again) in the great sea of confusion, while Ally's products are pretty impressive their existence is dubious. I am keeping my fingers crossed as I do not wish to see a bold and competitive player fold under the fury of the times.