Ally Bank is an online bank that grew out of the banking division of General Motors Acceptance Corporation (GMAC), which was originally an auto financing company. In 2009, GMAC Bank was converted into Ally Bank.
Today, the bank offers consumers nationwide a wide range of products, including credit cards, home loans, money market accounts, investment products, certificates of deposit, checking accounts and savings accounts. The bank’s holding company, Ally Financial, is a leading financial services provider with headquarters in Detroit, Michigan. It serves millions of retail customers and thousands of automotive dealers.
Ally Bank is ideal for consumers comfortable with banking entirely online who want access to loans, high-yield deposit products and credit cards. If you need access to a bank branch or you’re a member of the service industry who’s primarily paid in cash, look elsewhere.