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.
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