GMAC Bank Is Now Ally Bank

By MoneyBlueBook

News Update: Is the New Financial Face Of GMAC Bank

As of mid-May 2009, GMAC Bank is now officially called Ally Bank. With a new aggressive marketing blitz on cable TV channels and via Internet ads, the new purple themed Ally Bank is embarking on a quest to rebrand its image and change the public's perception of its former beleaguered self. Touting the new banking persona as a new and better type of bank - an ally and friend to consumer customers of sorts, AllyBank.com's new banking slogan is - "No minimum deposits. No monthly fees. No minimum balance. No sneaky disclaimers."

Sporting a very impressive array of high yield savings accounts, money market accounts, and high interest CD rates, Ally Bank is hoping to win the public over with its dazzling new message and cache of revamped services. Looking back at its history, the bank formerly known as GMAC Bank has certainly had quite a rough and tumultuous ride to get to where it is today.

Ally Bank - Starting Anew With A Fresh New Name and Top Tier Rates

For those not in the know, Ally Bank used to be GMAC Bank, a bank built on the troubled and rather shaky foundations of GMAC Financial Services - the banking, savings, and financial lending arm of currently bankrupt American vehicle manufacturer General Motors (GM). Originally established as a lending authority to provide automotive financing loans to car buyers and auto dealerships of GM brand vehicles, GMAC has been hit particularly hard by

By MoneyBlueBook

If you have a high yield savings account or have funds invested in a certificate of deposit, no doubt you will have noticed that interest rates on formerly high yielding bank deposits have been dropping for months now. Thanks to this ongoing economic recession, interest rates have been steadily declining, much to the frustration and chagrin of aggressive savers like myself. While certain faithful online banks such as Ally Bank (formerly GMAC Bank) and Everbank continue to offer competitive rates that are as high as the market place will permit, the vast majority of bank rates have plummeted across the board. With many so-called "high yield savings rates" now only offering rates in the 1-2% APY range, it's getting more and more difficult for any serious cash investor or fixed interest rate chaser to make money on existing balances while remaining in these types of declining accounts.

While high yield savings accounts and CD deposits (with their formidable FDIC insurance guarantees of up to $250,000 and steady rates of return) will continue to serve important and irreplaceable roles as reliable short term cash savings options for consumers, those seeking a higher rate of return may want to start looking elsewhere. Despite this type of depressed market, a variety of rather compelling CD alternatives have emerged as serious high interest contenders, all worth a review.

High Yield CD Rate Alternatives May Not Be Fully FDIC Insured, But Many Still Offer Safety, Security, Liquidity, and Low Risk Opportunities

Before you decide to move away from traditional

By MoneyBlueBook

Updated Review Of High Yield Reward Checking Account Deals Below

Remarkably, despite a struggling economy and lower interest rates across the board, high yield reward checking accounts are still touting bank rates as high as 5.50% APY in certain locales. At their peak, the best reward checking account offers were topping off at an astounding 6.00-6.50% APY. Definitely nothing to sneeze at. However, before I get started on my usual long winded blog post about the financial possibilities and benefits of high yield reward checking accounts, let me say a few things up front. No, you're not going to be able to roll your interest rate earnings into a mint or become a millionaire overnight. But if used properly in tandem with other interest chasing pursuits, high interest checking accounts have the potential to really give your otherwise idle savings a big boost. The associated interest rates with these special bank reward checking accounts are often higher than the top savings account rates, the best money market rates, and even the highest bank CD rates.

Demand A Higher Interest Rate For Your Checking Account Cash

Personally, I don't usually keep a ton of money in my checking account to begin with, preferring to stash them in hassle free high interest producing assets like savings accounts and certificate of deposits. However, because check writing and convenient ATM access are still daily necessities in quite a few situations (example: not all apartment landlords allow tenants to pay their rent via credit card), most of us are

By MoneyBlueBook

Borrow Money Or Invest In Interest Earning P2P Loans With Lending Club

With the lowering of interest rates by the Federal Reserve in response to the current economic climate to the lowest levels we have seen in years, the interest rates offered by high yield savings accounts and high interest certificate of deposits are now simply not as attractive as they once were, only a few years ago. With the stock market still suffering from unstable price swings and massive volatility across all sectors, it makes present day sense to look towards alternative investment ideas to make some money.

While I have been a quiet Lending Club member for a few years now since the online company opens its doors to loan investors, I haven't felt the need to review the program until now. Until recently, the top high yield savings account and best CD rates at most banking institutions offered a reliably consistent rate of return on deposits. But with market turmoil ever present and the specter of worsening bank failures looming, I've begun to turn my attention to other investment possibilities in an attempt to diversify my portfolio risk and seek a higher rate of return. The ability to earn a reasonably competitive interest income with the added ability to diversify risk via peer to peer lending networks like Lending Club and Prosper is becoming more and more attractive. At the very least, P2P lending programs offer potential profit seeking investors like myself the ability to play the role of the

By MoneyBlueBook

Updated List Of The Best Money Market Savings Account Rates Below

Amidst the current economic recession and ongoing credit crisis, there is an active flight to quality as consumers flee risky and volatile investments in stocks and mutual funds in favor of safer asset choices like high yield savings accounts and certificate of deposits (CDs) with the nation's best banks. But while bank deposit products all enjoy similar safety and security assurances under the auspices of the federal government, they are not all created equal, as certain deposit categories offer higher interest rates than others, while others afford greater comparative flexibility.

In the world of FDIC insured banking products, there is a natural give and take tension between the interest rate of return offered by any banking product and the degree of liquidity or flexibility afforded. The rate of return for any banking product refers to the annual percentage yield (APY) or interest rate offered in exchange for investing your money in a particular banking asset. Liquidity and flexibility of any bank account product refers to how quickly and easily you can tap into your money at will and convert it into immediate spendable currency. The general rule of thumb for bank accounts is that the higher the interest rate of return offered, the less flexible or liquid the account. Likewise, the more flexible and readily accessible the bank account product, the lower the interest rate offered as tradeoff.

When it comes to getting the best interest rate of return, the best CD rates easily

By MoneyBlueBook

If I had to place a bet, I'd wager that chances are, you probably have never heard of WT Direct savings bank before. Compared to more popular online banks like ING Direct or HSBC, WT Direct is a relative unknown in the world of high yield savings accounts. However, its comparative obscurity shouldn't necessarily prevent the bank from becoming the perfect fit for those looking for the best online savings account available. Oftentimes, it's the smaller financial institutions without the gigantic advertising budgets or over-hyped marketing departments that truly offer consumers the best savings account profiles and highest interest rates for their money. While I'm not exactly raising WT Direct up to the status of the absolute best online bank, the company's flagship banking product certainly deserves a bona-fide chance at a fair evaluation. For those holding onto a savings stash that is less than minimal, the WT Direct high yield savings account offers a pretty competitive banking package.

While WT Direct Bank���� and the WT Direct high yield savings account are relatively new creations, they are both the online product extensions of Wilmington Trust FSB, a major financial services corporation publicly traded on the New York Stock Exchange, with more than a century worth of banking experience under its belt. Though the Wilmington Trust parent company is headquartered in Wilmington, Delaware with numerous brick and mortar offices and domestic branches spread throughout major cities in the United States, its new online division of WT Direct is actually based in Baltimore, Maryland.