Re: GMAC increases their rates by 0.05
No, an MMA account is a savings account, usually just with extra bells and whistles like checkwriting privileges. The GMAC MMA is FDIC insured and completely safe. You should be able to open a CD without opening the MMA, and vice versa.
(Note: A money market account is different than a money market fund. A money market fund could theoretically lose money, although they never do. Unfortunately some banks interchange the terms (savings account, money market account, and money market fund) so you have to read the details.)
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