Opening a GMAC Bank Money Market Savings Account

• Limited check writing. First 50 checks are free (received mine 8 days after opening account)
• ATM card (received mine) First 4 fees per statement cycle assessed by the ATM owner, up to a total of $6, will be refunded by GMAC
• ACH transfer system that's easy to set up online (linked my local check and HSBC's online savings account online with trial deposits)
• ACH transfer system that's fast (transfer from HSBC to GMAC took one day, posted at GMAC before debit shown at HSBC)
• No hard credit pull in application. I did not receive a hard credit inquiry from any of the 3 credit reporting agencies. Several have also reported this in the last year.

• One downside with GMAC is the $500 minimum balance requirement. If your balance falls below $500, there is a $7.50 monthly fee ($5 if you have direct deposit).
• No sign-up bonuses

Month     GMAC     HSBC    GMAC Ahead
02/29/08: 3.00%    3.55%   -0.55
02/08/08: 3.50%    3.55%   -0.05
02/01/08: 4.00%    3.80%   +0.20
01/29/08: 4.25%    3.80%   +0.45
01/25/08: 4.25%    4.25%    0.00
12/21/07: 4.50%    4.25%   +0.25
11/02/07: 4.50%    4.50%    0.00
10/12/07: 4.75%    4.50%   +0.25
09/26/07: 4.90%    4.50%   +0.40
09/21/07: 4.90%    5.05%   -0.15
05/01/07: 5.30%    5.05%   +0.25
04/20/07: 5.30%    6.00%   -0.70 (HSBC New Money Promo)
03/16/07: 5.10%    6.00%   -0.90 (HSBC New Money Promo)
01/26/07  5.00%    6.00%   -1.00 (HSBC New Money Promo)
01/12/07: 5.10%    5.05%   +0.05
12/15/06: 5.20%    5.05%   +0.15
12/01/06: 5.25%    5.05%   +0.20
11/10/06: 5.30%    5.05%   +0.25
11/01/06: 5.25%    5.05%   +0.20
11/01/06: 5.25%    5.05%   +0.20
10/01/06: 5.00%    5.05%   -0.05
09/01/06: 5.00%    5.05%   -0.05
08/01/06: 5.10%    5.05%   +0.05
07/01/06: 4.80%    5.05%   -0.25
06/01/06: 4.75%    4.65%   +0.10
05/01/06: 4.75%    4.50%   +0.25
04/01/06: 4.65%    4.80%   -0.15
03/01/06: 4.60%    4.80%   -0.20
02/01/06: 4.30%    4.80%   -0.50
01/01/06: 4.30%    4.25%   +0.05
12/01/05: 4.05%    4.00%   +0.05
11/01/05: 3.75%    3.75%
10/01/05: 3.45%    3.75%   -0.30
09/01/05: 3.45%    3.75%   -0.30
08/01/05: 3.25%    3.25%
07/01/05: 3.10%    3.00%   +0.10
06/01/05: 3.10%    3.00%   +0.10
05/01/05: 3.05%    3.00%   +0.05
04/01/05: 2.50%    2.88%   -0.38

• Sunday, April 9th - I filled out the online application and specified my local checking account as the funding source.
• Tuesday, April 11th - Local checking account debited. There were no trial deposits.
• Thursday, April 13th - Received welcome kit in the mail. It included a welcome letter with account information. Also it included a signature card and a postage-paid envelope. The signature card had to be signed and mailed back.
• Monday, April 17th - Received box of 50 checks (free). Also received Visa debit card in a separate envelope. The PIN that I selected at account opening did not work to activate card.
• Sunday, April 23rd - Initiated the account linking process for local checking account and HSBC Online Savings (I could have initiated this earlier). Selected random deposit method of verification (trial deposits)
• Wednesday, April 26th - Finally received PIN in the mail. With this PIN I was able to activate check card.
• Wednesday, April 26th - Trial deposit made at local checking account. I verified the account at GMAC and initiated a transfer from local checking into GMAC account.
• Thursday, April 27th - Trial deposit made at HSBC. I verified the account at GMAC and initiated a transfer from HSBC savings account into GMAC account. The money transferred from local checking account posted at GMAC.
• Friday, April 28th - The money transferred from HSBC savings account posted at GMAC.
• Saturday, April 29th - Checked credit report at Equifax and no hard inquiries have yet to be recorded. Debit still not shown at HSBC for Thursday's transfer to GMAC.