By now, you are probably aware of what Ally Bank is. If not, Ally Bank as of 5/15 was formally known as GMAC LLC. Earning the right to become a holdings bank back in December of 2008, GMAC chose to make the decision to change its name and mission becoming a fully transparent bank, giving birth to Ally. Since the launch, a lot of buzz has been generated by Ally’s above average deposit rates, specifically around their Savings, 12-month CD and No Penalty 9 month CD. All of which are over a 2.00% APY.