GMAC Bank recently changed their name to Ally Bank, located at Ally.com. GMAC Bank is a subsidiary of GM, and it appears that this move is an attempt to distance itself from the bad press that GM has been receiving lately. GMACbank.com now points to Ally.com.

So far there hasn’t seem to be major changes in the bank rates. Savings and money market rates have remained constant.

The AllyBank savings account features:

• 1.49% APY yield (Updated 1/5/2010)
• No minimum balance
• No monthly fees
• Daily compounded interest
• Six withdrawals or transfers per billing cycle

For CDs, there are now very low minimum balance requirements, and apparently you can open a CD with $0. It seems to be more of a gimmick as it doesn’t really make sense to open a CD with less than $500.

AllyBank has a few new CD rates, including a 6 month CD at 1.40% APY. Their 1 year CD has a pretty competitive rate, at 1.80% APY. Both of these are current as of 1/5/2010. They also have a new No-Penalty CD, which states:

“You can withdraw your money 6 days after funding – and anytime thereafter – and you won’t be charged a fee. Just remember, if you do make an early withdrawal it must be for the full balance plus all interest earned.”

This is a good bonus for those who want to earn a decent return on their CD but don’t want an easy out in case better rates are available.