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Originally Posted by Sweepsplayer
HSBC is paying 4.8%, first of all. Also with GMAC you're getting this lingering issue with GM's financial problems. GM is having trouble finding a buyer for it, and GMAC's credit is starting to suffer.
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GMAC Bank accounts are FDIC insured. So even if GM goes under, your funds up to the FDIC insured amounts of 100K for individuals or 200K for joint accounts are protected.
Keep in mind HSBC 3-4 days lost interest every time you transfer. GMAC allows you to write checks against your account. This is a money market account so you are limited to 6 checks a month. I like having access to my money immediately.