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Ally Bank is a business unit of Ally Financial the leaders in automotive financial services worldwide. Ally financial services is officially preferred source of financing for General Motors, Chrysler, Saab, and Thor Industries This is an Ally Bank rates update for February 2011. While they do not handle mortgage loans, they do offer their customers CDs, savings, and checking accounts. For those that are unaware of it, this is the new name for the old GMAC Bank. The current bank rates on the certificates of deposit include the special Raise Your Rate CD that is a 2 year term. The APY is currently at 1.50%, and can be increased once during the term of the CD. There is also the No Penalty CD that is earning an APY of 1.20% for an 11 month term. The online Savings Account is currently earning an APY of 1.09%. The Money Market Account is also earning an APY of 1.09% The Interest Checking Account is earning an APY of 0.50% on balances below $15,000. On balances above $15,000, the APY is 1.05% The standard CD rates include the 3 month CD that is earning an APY of 0.64%. The 6 month CD is earning an APY of 1.04%. The 9 month CD is earning an APY of 1.00%. The 1 year CD is earning an APY of 1.29%. The 18 month CD is earning an APY of 1.35%. The 3 year CD is earning an APY of 1.84%. The 4 year CD is earning an APY of 2.05%. The 5 year CD is earning an APY of 2.39%. There are no minimum balances to open an account, but you must make a deposit in order to earn an APY. All of these Ally Bank rates were posted on February 1, 2011 and are still current as of February 18, 2011, but are subject to change without notice. We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name. Always remember, the bigger the risk, the larger the reward or loss. Invest with caution. For additional resources involving financial help, please view PNC Online Banking, best bank savings rates,SunTrust CD Rates, Westpac Online Banking and Online Banks at http://www.onlinebanksblog.com/union-online-banking
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