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Retirement Savings: How Much Should I Save Each Month?GMAC Bank Raises Money Market Savings to 5.10%
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POSTED
ON BY Ken Tumin
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.
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.
