You have a friend in the banking business

I found a bank with better rates: Ally Bank.

From Reuters:

Nineteen large banks underwent government “stress tests,” and of the 10 told to raise capital, GMAC had by far the biggest shortfall relative to its size.

Many analysts believe GMAC will need another bailout. Gupta declined to discuss specifics about efforts to raise capital. (Source: GMAC renames bank unit Ally Bank, drops own name,

From WSJ:

What happens if Ally falls short? “A brilliant marketing strategy with a great name like this will blow up in their face. People will be like ‘Is this what they claim of being an ally?’” Barrera said. (Source: Bye Bye, GMAC: Will ‘Ally Bank’ Work or Not?

From Ally Bank’s FAQ:

Maximize your FDIC insurance

Deposits at Federal Deposit Insurance Corporation (FDIC)-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013.
Get more out of FDIC insurance with a few tips from us

Know the facts. You could be covered for more than $250,000. Here’s a simple example of how one couple could be insured up to $1,500,000:
Ally Bank Account 1: John Doe, $250,000
Ally Bank Account 2: Mary Doe, $250,000
Ally Bank Account 3: Joint Account, John and Mary Doe, $500,000
Ally Bank Account 4: John Doe, In Trust For (ITF) Mary Doe, $250,000
Ally Bank Account 5: Mary Doe, In Trust For (ITF) John Doe, $250,000
Total: $1,500,000
Have a family of 3? See how you could have coverage up to $1.75 million.

Family of 4? See how you could be covered up to $2.55 million.

(Source: FDIC insurance,

I feel like GMAC is leaning heavily on FDIC.  In fact, I feel like the entire American banking institution is leaning on FDIC.  So, am I banking with Ally, GMAC, or the Incorporated States of America?

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