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POSTED ON BY Ken Tumin
GMAC Bank made a significant increase to its Money Market Savings rate today. The rate went from 4.10% to 4.30% APY. GMAC Bank has been very aggressive in the last few months. Back on October 1st, GMAC's rate was only 0.05% higher than that of ING Direct (3.45% vs 3.40%). Now it's 0.55% over ING Direct's savings account rate. In that first week of October, GMAC increased its MMA rate to 3.75%. It hit 4% in early November after the Fed funds rate was raised to 4%, and then over the next month, GMAC made two small 0.05% increases.
If EmigrantDirect wants to be known as the bank with America's highest rate, it's going to have to do what it did back in September and make at least a 0.50% increase. It should be pointed out, however, that EmigrantDirect doesn't have any minimum deposit requirements. However, GMAC Bank's money market account's required minimum isn't bad. It only requires a $500 balance to get the full rate and to avoid a $7.50 montly service charge.
GMAC Bank also has many other perks that EmigrantDirect lacks such as check writing and ATM cards. GMAC will also refund up to 4 non-GMAC Bank ATM charges per month. Some other good points reported on this Fatwallet thread include quick account opening and an easy process of linking external accounts. The only thing GMAC Bank lacks is a signup bonus.
If EmigrantDirect wants to be known as the bank with America's highest rate, it's going to have to do what it did back in September and make at least a 0.50% increase. It should be pointed out, however, that EmigrantDirect doesn't have any minimum deposit requirements. However, GMAC Bank's money market account's required minimum isn't bad. It only requires a $500 balance to get the full rate and to avoid a $7.50 montly service charge.
GMAC Bank also has many other perks that EmigrantDirect lacks such as check writing and ATM cards. GMAC will also refund up to 4 non-GMAC Bank ATM charges per month. Some other good points reported on this Fatwallet thread include quick account opening and an easy process of linking external accounts. The only thing GMAC Bank lacks is a signup bonus.
