Ally Bank is offering a 12 month CD rate of 2.76 percent with an annual percentage yield of 2.80 percent. Never heard of Ally Bank? It is the new name of GMAC Bank, they changed their name. The motto is “We’re changing more than our name. We’re changing banking”. Changing banking? That remains to be seen.

Their certificate of deposit rates are the same, competitive but nothing to write home about. On the short end of CD terms, Ally Bank’s 3 month CD rate is currently 1.73 percent, with a yield of 1.75 percent. The national average rate for a 3 month CD is currently 0.85 percent. A 6 month CD rateis 2.13 percent, with an APY of 2.15 percent. Ally Bank’s longer term CD rates are some of the best CD rates available today. 5-year CD rates are currently 3.44 percent with an APY of 3.50 percent. 4-year CD rates are 3.20 percent with an APY of 3.25 percent.

If you already have an online account with GMAC  bank your user name and password is the same for Ally bank.