Second Fed Rate Hike of 2018: Deposit Rate Predictions and Strategies
Best Bank Account Interest Rates - Summary for June 12, 2018
Rate Trends - Savings Account Rates Reach 5-Year HighGMAC Bank Raises Money Market Savings to 5.30%
POSTED ON BY Ken Tumin
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.
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.
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.
- SVG
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.
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.