Ally Bank - High Yield CD

Average Score:

•   Dependable and Reliable

  I had just pulled my money out of the former Washington Mutual Bank and was looking for places to invest it where it would be safe. I checked online and found consistently high rates from Ally Bank (which was formerly GMAC Bank). At the time, their health was rated at five stars, so I felt comfortable putting my money there. I took half of the money ($40,000) and put it into a one-year classic CD. This was about 10 months ago, when interest rates were in the 4% range.

  Filling out the online application was easy and painless and did not require as much information as other banks, which I appreciated. As soon as I submitted the application, I was able to track the status of the account electronically. In fact, I was so pleased with the efficiency of the transaction that I recommended that my mother switch her CD account ot Ally/GMAC when it became due.

  I asked that monthly checks be sent to me, so that has happened like clockwork every month. The best thing about Ally is its dependability and reliability. I know my check will be arriving on the 5th of each month.

  The worst thing about the account is not so much the account but the economy. The interest rates now are half of what they were last year at this time, and I suspect that when my CD comes up for renewal, I will have to reinvest at a pitiful rate of around 2%. Or I may be forced to withdraw my money and put it in another institution.

  I only had one reason to deal with customer service and it was a pleasure. The young man I spoke with was able to answer my question without putting me on hold and he thanked me for my business.

  I would recommend Ally Bank to others based on my experience. I am confident that they are being managed appropriately. I just wish their interest rates were higher.

  Posted by Sue2Busy -- Aug. 6, 2009