In late November, GMAC customers received a letter from GMAC informing us that GMAC Bank will transfer all of its consumer deposit accounts to GMAC Automotive Bank, an affiliate Industrial Bank chartered under Utah law (Utah Bank). According to this letter, the change has no impact in anyway to deposit accounts.
Late last year Cerberus Capital Management secured a majority stake in General Motors' financing arm, GMAC (see article).
So high level changes are happening at GMAC. We'll have to wait and see if this will have any effect on rates and service. Hopefully, the rate reduction won't become common.
Even with a rate of 5.10% APY, it's still above the rates at EmigrantDirect and HSBC. It also has the following perks:
- Able to link multiple bank accounts completely online for ACH transfers
- Limited check writing (first 50 checks are free)
- ATM card and rebates of ATM fees up to $6 per month
- Paper statements
For more info on my experiences opening a GMAC Money Market Savings Account, please refer to this post.
GMAC Bank is FDIC insured.