GM Right Notes Raises Interest Rate To 2.25% APR 2.28% APY!

deplorable_1 | Jun 18, 2022 | 476 posts since 2020

I just logged in my account today and the new rates were posted. It's not even updated on their website yet. No need to rate chase now as this account seems to move up quickly with FED hikes. Now if they would only allow 3rd party ACH transfers for paying bills and check writing it would be just like the old GMAC Demand Notes. ; )

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Choice | Jun 18, 2022 | 684 posts since 2020

The real ? is why the need for funds…replacement for outflow?…and what do those people know? FIs don’t merely follow a leader…they need loan business or replenishment of funds.

deplorable_1 | Jun 18, 2022 | 476 posts since 2020

Well GM could use that money to make auto loans at 8%+ or whatever the rate is for those who have bad credit(loan rates will be rising with FED hikes) and still make money off the float. This is the same thing I do borrowing money at 0% and putting it in my add-on CD's or using it for bank bonuses etc. make money off the float.

jhjcash | Jun 21, 2022 | 3 posts since 2013

The Rightnotes website shows a rate of 1.75 per cent this morning, June 21, 2022.

deplorable_1 | Jun 22, 2022 | 476 posts since 2020

Yeah I can't believe they didn't update the website today. Nevertheless it is 2.25% APR and 2.28% APY. This is the current rate listed when I login to my account and also the rate they give when you call in to customer service.

Choice | Jun 22, 2022 | 684 posts since 2020

And 1.75 this evening…can’t be bait and switch? “I’m a believer….”

deplorable_1 | Jun 22, 2022 | 476 posts since 2020

It's now updated on their website to reflect current rates. ; )

deskandchairs | Jun 22, 2022 | 92 posts since 2015

Now, if we could only get them to email us when there is a rate change, like Ally does (of course Ally has its own shortcomings).

deplorable_1 | Jun 22, 2022 | 476 posts since 2020

I would settle for 3rd party ACH bill pay ability myself but this may be the reason they can pay higher rates which is ok too.

deplorable_1 | Jun 22, 2022 | 476 posts since 2020

This rate is so good on liquid cash that I'm taking My Dominion Energy Reliability bill pay account down to the second tier level of(1.10% APY) and putting the extra $50,000 in GM right notes. It works out to a 1% difference in the rate spread. Dominion needs to step it up the rates on these accounts used to be equal and GM Right notes doesn't even have tier levels.

GregoryG | Jun 23, 2022 | 49 posts since 2022

I would not give money to anything with GM in the name after they screwed all their shareholders with the bankruptcy in 2009 (and taxpayers with the lack of the bailout repayment). If you want to put your money in a unsecured vehicle from a company that does not care about their investors, knock yourself out. They cost me 6 figures in 2009. Never again.

Choice | Jun 23, 2022 | 684 posts since 2020

Gregory, nice to see you "back"

deplorable_1 | Jun 23, 2022 | 476 posts since 2020

Well I have been beating the market interest rates for 30+ years using GM offerings so if you want to live with sub par rates on liquid cash knock yourself out. I have never lost one penny with them but have endured endless criticism for using them. And no I didn't like what GM did to bondholders either but I will put my money where it earns the most personal feeling aside this is business.

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