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Originally Posted by goodtosave
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.
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Agreed on both points.
However, the question is whether GMAC can afford to maintain a competitive rate, and in the off-chance that you do have to fall back on the FDIC insurance, how long is it going to take you to get your money back?
If GMAC was .2%
higher than HSBC, then it would be worth it, but for a .2% lower APY, I'll pass for now.