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GMAC Bank Raises Money Market Savings to 5.10%


GMAC Bank increased the rate on its Money Market Savings Account today from 5.00% to 5.10% APY. For much of the fourth quarter of last year, GMAC had remained between 5.20% and 5.30% APY. This rate started to fall in January and hit a low of 5.00% on January 26th.

Although GMAC's money market rates haven't remained near the top like savings account rates of AmTrustDirectk or UFB Direct, it does have the advantage of limited check writing. They also have a very good ACH transfer system that allows you to make electronic transfers to and from your other banks. However, I've recently noticed that the speed of GMAC's transfers doesn't seem to be as quick as it use to be. In January I had initiated one tranfer from my GMAC account to my HSBC account. It was debited at GMAC on the 16th, but it wasn't credited at my HSBC account until the 18th. I'm not sure if this is a common trend or just a quirk. I'll have to keep an eye on this for future transfers. Please leave a comment if you've noticed the transfer times from your GMAC account.

Please, refer to my GMAC Money Market Account review post for more information. In addition to listing the benefits and downsides to the money market account, I describe my experiences with opening this account. One thing I need to update in this post is that when I opened the money market account and the CD at GMAC last year, I did not receive a hard credit inquiry.

In addition to the money market rate increases, GMAC also made slight rate increases on all terms of its certificates of deposit except the 3 month term. The highest rate is now 5.20% APY on the 12-month CD. Like the money market rates, it has been awhile since GMAC has been near the top of the CD rates.

GMAC Bank is FDIC insured.

Thanks to the reader who mentioned this rate update in the finding deals post.
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Anonymous   |     |   Comment #1
I have always had good transfers with GMAC. I have always had delays with HSBC. As a matter of fact, if you call HSBC they will tell you there is a minimum 2 day lag. The money floats in space for at least that long. This is way I no longer have my MM account with them. If you loose 2 days interest on "all" your money in and 2 days interest on "all" your money out even their 6% special is not that good. If you move money to them to make an additional 1/2% and you loose at least a total of 4 days interest on all your money it will take like 40 days to make up the lost interest on "all" your money for the at least 4 days(note if you make transfer on a thursday you will loose like 5 days interest on all your money).
Anonymous   |     |   Comment #2
On Monday the 12th I requeted 2 transfers at GMAC: the push to Superior Savings was scheduled for the 12th, the money left GMAC the 12th and arrived at SSNE the 14th; the pull from World Savings was scheduled for the 13th, the money arrived at GMAC the 13th but stayed at World until the 14th.

So I think it was HSBC rather than GMAC that caused the lag in your transfer.
M (anonymous)   |     |   Comment #3
I'll second what anonymous said. If I initiate transfer from anywhere to HSBC ( I'm not using HSBC's transfer system but GMAC's transfer system ), HSBC eats my interest for 2 days. But from these same accounts, the transfer to other accounts does not have this issue.

I believe HSBC gets the money from GMAC and keeps it interest free fro 2 days. Shame on them.
Anonymous   |     |   Comment #4
HSBC website states that till the time HSBC does not get actual money it will not be posted on the account.
D (anonymous)   |     |   Comment #5
I also agree that the fault does not lie with GMAC. I have been a GMAC customer for more than 3 years. Their transfers have always been extremely fast for me--usually just 1 day.
ShraZZy (anonymous)   |     |   Comment #6
GMAC keeps changing their rates every week... I would stay away
Anonymous   |     |   Comment #7
Every week? The last time GMAC changed their rate was Jan. 26th. Today is March 16th. That's 7 weeks; hardly every week.
Cyclone (anonymous)   |     |   Comment #8
I have also been having transfer delays with HSBC. When I go from GMAC to PenFed, I debit from GMAC on day of transfer and credit to PenFed 2 days later. With Wachovia, GMAC debits one day, Wachovia credits next. HSBC is just like PenFed above. Transfers into GMAC have also slowed from these accounts.
SVG (anonymous)   |     |   Comment #9

>>If you loose 2 days interest on "all" your money in and 2 days interest on "all" your money out even their 6% special is not that good.

Good point indeed.

Therefore it makes a lot of sense to bypass the ACH system of HSBC. (I discussed 'how to' already.)

SVG (anonymous)   |     |   Comment #10

>>GMAC keeps changing their rates every week... I would stay away

I guess that's a bit of exaggeration ! *smile*

I have been a satisfied customer of GMAC for long time and in my experience they don't change their rates that often.

AFAIK the recent 'subprime' issue has affected GMAC. So it is quite possible that they will attract customers/assets by raising interest rates a little.

SVG (anonymous)   |     |   Comment #11
Banking Guy,

>>However, I've recently noticed that the speed of GMAC's transfers doesn't seem to be as quick as it use to be.


>>Transfers into GMAC have also slowed from these accounts.

Aha ... there are a few financial institutes that offer 'next day' ACH transfers (with charge). If the monies you are depositing is large enough perhaps paying the charge might be cheaper than losing interest.

Then there is USAA ... they have a super-fast ACH trasfer system that almost always makes a transfer 'next day' ... and there is no charge for it. I've not tried USAA to HSBC ... but I don't mind trying it out to check the speed.

Banking Guy
Banking Guy (anonymous)   |     |   Comment #12
I think it may be HSBC's problem for the delay even if I initiated the transfer at GMAC. Coincidentally, a new FW thread discusses this same issue.
Anonymous   |     |   Comment #13
My experience with GMAC has been positive so far. I have been with them for 2 years now, and will keep it as my main bank even though their MM account rate is not the highest.

When I push fund out of GMAC account, my account is debited in one day and takes 2-3 business day to credit my other account.

When pulling fund into my GMAC account, it takes 3 days.

GMAC probably feels hurt of seeing millions going to HSBC. Therefore, I finally decided to bump the rate up.
Anonymous   |     |   Comment #14
I've been with GMAC for about a year and a half. When I pull funds from Bank of America the money is there in 24 hours. I haven't pushed money out in about 6 months but at that time seemed to be a 2-day process.

Very convenient--which is probably what has prevented me from rate chasing.

I have been disappointed with the rate of late. Maybe this latest increase is an indication that they will be moving their rate closer to the top...
ShraZZy (anonymous)   |     |   Comment #15
yes I exaggerated, but compared to other banks they do tend to change their MMA often.
ProfessorB (anonymous)   |     |   Comment #16
The delay is on GMAC's end. GMAC changed its transfer out timing.

When pushing money from GMAC to my local bank checking account (day 1), the money used to be debited from GMAC and credited to checking on the same day (day 3).

Now GMAC debits immediately (day 1) and hits my checking account on day 3.
Anonymous   |     |   Comment #18
In my six months with the GMAC MM account, most deposits have been near immediate. Most transfers out have taken 2-3 days to appear in the target account. Once in March it was a speedy next-day transfer out.

So far I'm quite happy with the GMAC account, as long as the interest stays competitive. I used the Bank Deals blog to do some of my comparison shopping at the time, so thanks!
Anonymous   |     |   Comment #19
Savings rate now 5.30% APY
Anonymous   |     |   Comment #20
How do I make my HSBC account to be one of my external accounts for GMAC?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #21
From your GMAC account page there's a external transfer link on the left side where you can create a new link to an external account such your HSBC account. You have to enter your HSBC account routing number and account number. To verify the link, they give you a choice of either doing a trial deposit into the external account or you can verify by mail.
Anonymous   |     |   Comment #22
How long does it take for transferred in money to be "available"? I performed the transfer about a week ago and it showed up right away, but is still not "available". I want to transfer some into my new 5.5% Umbrella account.
Anonymous   |     |   Comment #23
When is interest credited? I recently opened an account and did not get any interest at the end of April. Is is based on when the account is opened? Thanks.
Anonymous   |     |   Comment #24
Interest is credited monthly on the same date that you opened the account.