Ally Bank - Money Market Savings

Average Score:

•   Hiding Information!!

  Ally bank card is not useable in all countries! You had better call FIRST before opening an account!! This bank is useless to me!!

  Posted by rodlafleur -- Feb. 11, 2011

•   In Good Hands

  I've had an account with Ally Bank since they were GMAC Bank at the beginning of this year. Here's what I've found:

  1) Good rates for all accounts
  2) Easy to setup, considering they're online only. So easy in fact, I have 4 savings accounts with them (to separate what I save for vacations, for emergency use, etc.)
  3) They gave me a debit card I can use at any ATM, and they refund me any ATM fees!
  4) Knowledgeable customer service, whom I've called 4 different times and always received stellar, thoughtful service.
  5) The bank has a somewhat narrow scope -- either you have a savings account/CD with them, or nothing.

  Overall, if you want a simple savings solution with good return rates, I'd recommend anyone to these folks in a heartbeat.

  Posted by blacknorangestraycat -- July 14, 2009

•   If you need some checks and like GMAC, this is for you

  I recently spoke with a GMAC customer service rep about their Online Savings account and during the phone call got some bonus information about the Money Market. Fundamentally, the Money Market and the Online Savings account are the same account, except for 3 differences. In exchange for a drop in interest rate (difference 1), the Money Market provides access to limited check writing (difference 2) and a debit card (difference 3).

  The difference is really about convenient access to money. However, because this is a Money Market account, and not a Checking account, there is a restriction of only 3 checks and/or debit card transactions per month. Why? It has to do with the federal government's Regulation D, and frankly it seems like a rather arbitrary restriction these days, considering that there are a number of full-access checking accounts out there that offer very strong rates (EverBank, SalemFive's eOne, Electric Orange) - however GMAC doesn't.

  As I said, this account isn't for me, but if you need check writing and you really want to be with GMAC, this account might be for you.

  Posted by fightingirish80 -- March 29, 2009