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GMAC Bank Raises Money Market Savings to 5.30%


GMAC Bank increased the rate on its Money Market Savings Account today from 5.10% to 5.30% APY. The last time the rate had been 5.30% was back in November. It didn't last long. It started to decline in December and bottomed out in late January at 5.00% APY. It went up last month to 5.10%. Even though the rates have gone up and down a lot, they've always been very competitve. I have the history of GMAC's money market account rates for the last two years at this post with a comparison to HSBC Direct's Savings Account rates.

Although GMAC's rates haven't been consistently high, they do have other perks that most online savings accounts lack such as limited check writing. Also, they have one of the best online ACH transfer systems for electronic funds transfers between accounts from your other banks.

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.

GMAC Bank is FDIC insured.

Thanks to the reader who mentioned this rate update.
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SVG   |     |   Comment #1
Banking Guy,

>>Also, they have one of the best online ACH transfer systems for electronic funds transfers between accounts from your other banks.

Indeed. Theirs is as fast as USAA's.

With USAA generally one has to apply (it is a mere formality) to get higher trasfer limits, but with GMAC as-far-as-I-know the trasfer limit is high to begin with.

If they were to add some sort of bill-pay as well, then their offering will become too hard to resist.

skadoo323   |     |   Comment #2
Guys if you get an account with them, be sure to just watch your account transactions. This past week I withdrew some funds by writing a check to myself and deposting it to BoA account and GMAC counted one check as 2 seperate withdrawals. How can check 121 be withdrawned twice? I called BoA to verify they didn't mess anything up and they did not. I verified this by checking my BoA account online as well. I called GMAC fri morning as soon as I saw this and they are looking into it. A resolution should be in place by Wed. Granted since 2005 when I opened this account, this is the first time I have ever had any problems with GMAC Bank.
Cyclone   |     |   Comment #3

It is a shame GMAC does not let you see online images of your checks. I would say the problem you experienced is an error on GMAC's processing side, or you got stuck in a Check 21 issue. It is possible that somewhere between BoA and GMAC, you check was temporarily misplaced and a substitute check was issued. Then, instead of destroying the original, it turned up and was processed by GMAC.

Either way (error or Check 21 duplicate), I am sure GMAC will resolve it quickly. Good luck.
Anonymous   |     |   Comment #4
I have a GMAC account, and I have been generally pleased, however they are not good at crediting deposits mailed in. Deposits are mailed to a PO Box in Philadelphia, I've mailed checks from Philadelphia and I've had some take a week to be credited.
Anonymous   |     |   Comment #5
Just opened an account with them. It was the easiest to open of my 10+ online accounts!!! Right after I finished the application I could log in and start linking external accounts. Hope they keep the rate up!!!
Vimal   |     |   Comment #6
They don't have online statements. I don't like receiving mail at all. Also every time you open up a CD they will post a signature verification letter which contains your social security number. It is very irritating. Also when your CD matures they will automatically renew it unless you CALL. What a pain. ING beats them in all the above three issues! However I am with them because they are generally competitive.
Banking Guy
Banking Guy   |     |   Comment #7
vimal, those are valid security concerns with not having online statements and with sending a signature verification letter with your SSN.

About the CD maturity, I was able to send my instructions using their bank mail tool.

But I have to agree that ING Direct's CD management system is the best system around. My only problem with ING is that they don't have a bank mail feature. For account related issues, you have to call.

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