COULD YOU PLEASE TELL ME WHAT YOU KNOW ABOUT ALLY BANK. IT HASBEEN OFFERING AHIGHER INTEREST RATE ON MONEY MARKET THAN MY LOCAL BANK.IS ITSAFE?
Terry Says: Ally Bank is a primarily online bank, and highly regarded. Here’s a link to finding out everything about them: http://www.ally.com/about/company-structure/ As long as you’re in an FDIC insured money market account or CD, there is no reason, except perhaps convenience of a local banking institution, not to use them. Ally grew out of the old GMAC (General Motors Acceptance Corp) and changed its name when the government took over GM!