GMAC increases their rates by 0.05

[coffeebreak]

GMAC has bumbed their rates up a bit to 4.70% for Savings and 5.0% for a 6 month CD; 4.8% for a 3 month CD. There's a $500 minimum to avoid a fee.

They haven't posted the new rates yet. They should show up tomorrow.

Here's the link:
http://www.gmacbank.com/cd-rates.do

[JoyJoy]

Not bad rates at all for a CD. Thanks. Worth a try.

[Ima saver]

Thanks coffeebreak!!

[sweeps]

What are the ACH transfer times for the GMAC money market? Any inbound or outbound fees?

2 full business days it would seem (posts on the third day), no fees unless you exceed the 6 withdrawal per month limit. no limit on deposits that I have come across in my account information.

[CJsoccerchic]

is their website gmacbank.com?

[JoyJoy]

Originally Posted by CJsoccerchic

is their website gmacbank.com?

Yes CJsoccerchic....gmacbank.com.

[gavinmccallister]

I heard someone say that you will earn more money on a CD if you have the interested earned deposited in a savings account, if you do that does that affect your APY of 5% (In order to earn the APY do you need to keep the interest in the CD) Is this true you only earn interest on your initial deposit and not the interest so if that is true would it be best to have the interest deposited directly into a savings account?

Who would of thought saving money could get some complex.

[sweeps]

Originally Posted by gavinmccallister

In order to earn the APY do you need to keep the interest in the CD

Yes.

Originally Posted by gavinmccalister

would it be best to have the interest deposited directly into a savings account?

No. Unless of course the savings account pays a higher interest rate than the CD.

[JoyJoy]

Originally Posted by gavinmccallister

I heard someone say that you will earn more money on a CD if you have the interested earned deposited in a savings account, if you do that does that affect your APY of 5% (In order to earn the APY do you need to keep the interest in the CD) Is this true you only earn interest on your initial deposit and not the interest so if that is true would it be best to have the interest deposited directly into a savings account?

Who would of thought saving money could get some complex.

I have to agree about the complexity of saving money...from balance transfers to CDs to the highest yield on which savings account. The main thing is reading the fine print and getting correct advice as to what to do with the movement of your funds; where to invest and when. I know timing the market isn't advised because of the uncertainty, but it would be wonderful to make something worthwhile for a good amount of time without moving one's funds continuously.

[coffeebreak]

GMAC has increased their rates again. The Money Market rate is now 4.75% and a 6 month CD is 5.10%. 12 months is up to 5.25% but I wouldn't go out that far because the Feds funds rate will be close to 6% by the end of the year, IMO.

http://www.gmacbank.com/cd-rates.do

[sweeps]

Originally Posted by coffeebreak

GMAC has increased their rates again. The Money Market rate is now 4.75%

[CJsoccerchic]

I think it's about time to open a GMAC account - do you have to open a savings account to have a MMA account and to open CD's?
if so, what are the details if anyone knows

[sweeps]

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.)