Are ally Demand Notes safe?

Are ally Demand Notes safe?

Q. Ally Demand Notes generally pay a higher rate than other short term investments, but are not FDIC-insured and are thus seen as more risky by many people than products such as CDs or money market funds — but that of course is for you to decide. …

Is Ally Demand Notes closing?

our demand notes program has been discontinued. On December 11, 2020, Ally Financial Inc. The program closure and Demand Note redemption date is March 1, 2021.

What is an ally demand note?

Demand Notes are financial instruments generally established by non-bank finance companies. Our Demand Notes program was established prior to the formation of our subsidiary, Ally Bank—which is an FDIC-insured financial institution.

How do I redeem ally Demand Notes?

You may redeem your Demand Notes by writing a check, payable to the order of anyone, in an amount of $250 or more.

What do you need to know about Ally Demand Notes?

See the Ally Demand Note rate history (PDF 18 KB). Demand Notes are a convenient way for eligible members of the Ally Financial family to invest funds with a leading U.S. financial services firm. Demand Notes are unsecured debt obligations of Ally Financial offered in the U.S. by prospectus only. Investing is easy:

What kind of rating does Ally Bank have?

The Ally Bank mobile app has a high rating of 4.7 on iOS and a 4.0 rating on Google Play. 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.

Is the Demand Notes program an FDIC insured bank?

Our Demand Notes program was established prior to the formation of our subsidiary, Ally Bank—which is an FDIC-insured financial institution. With substantially all of Ally’s business now occurring within the Ally Bank entity, the Demand Notes program is no longer an efficient use of our resources.

When is the redemption date for Demand Notes?

On December 11, 2020, Ally Financial Inc. provided noteholder notice to the Demand Notes investor base detailing Ally’s intention to terminate our Demand Notes program and redeem, in full, all outstanding Demand Notes. The program closure and Demand Note redemption date is March 1, 2021.