Ally Bank is a “new” bank that is a unit of GMAC Financial Services, though they’ve been FDIC insured since August 2nd, 2004 under FDIC Certificate 57803. With a great APY yield on the savings account, no minimum balance, no monthly fees, and daily compounded interest, it’s quickly becoming one of the more popular banks. One of the really innovative products they offer is a “no-penalty CD” where you can close the CD before the maturity date without penalties. It’s definitely worth a look, especially with such an attractive interest rate on their deposit accounts.

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