The banking unit of GMAC Financial Services, a subsidiary of General Motors (GM), was renamed Ally Bank in 2009. It is a US-based bank that provides certificates of deposit (CDs), savings and money market accounts.
Ally Bank: Services
The USP of Ally Bank is to provide banking services with a difference. The bank has made efforts to go beyond traditional banking services. In this endeavor, Ally Bank has laid special emphasis on the online banking sector to provide quick financial solutions to customers from the comfort of their home or office.
To build trust and widen its customer base, Ally Bank has special schemes in place. The bank offers account services with no minimum deposit, no monthly fees and no minimum balance requirement. The bank has four products for its customers - online savings account, money market account, classic CD and no penalty CD. Essential details about the products are:
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Online savings account: These accounts offer an annual percentage yield (APY) of 1.75%. As per the company, an online savings account offers higher interest rates than traditional savings. The account can be accessed online only with up to six online transactions in every statement cycle.
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Money market account: Ally Bank offers an APY of 1.70% on money market accounts. The customer is provided with a check card to manage account transactions. The account deposits earn compound interest rates daily to maximize the customer's earnings. There is no ATM usage fee on the check card and a maximum of six transactions are allowed in every statement cycle.
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Classic CD: This high-yield CD from Ally Bank earns a fixed APY of 2.00% annually. The CD allows customers to receive interest which is compounded on a daily basis. Classic CD comes with an auto renewal policy, if the customer does not communicate about withdrawing the account.
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No penalty CD: It earns an APY of 1.85% for nine months. This CD allows an individual to withdraw money before the maturity period without any cut or penalty.
The bank provides quality customer care 24x7. It sends online and mobile alerts to provide updated information about the customer's money. Money deposited in Ally Bank accounts is insured with Federal Deposit Insurance Corporation (FDIC).