Negative outlook on HSBC rate

[sweeps]

I'm becoming a little more pessimistic about HSBC's rate after 4/30. First reason is on their website they're trying to push their CD's (which top out at a dismal 4.25% by the way), and second, since they're waiting until the last minute to announce the rate, it must not be too great. I mean, if they're planning to go up to 5%, don't you think they'd want to advertise that?

[BTC]

I went ahead and transferred everything I have from ING to ED. I didn't want to lose 3 or 4 days of interest based on an assumption that HSBC is going to offer a great rate post 4/30. I'm going to wait and see what they do before traveling the overly time consuming path of getting my money into HSBC. Have I mentioned how I loathe the timeliness of HSBC's transfers?

Meanwhile, I might have to look into this Rate Edge thing I just saw posted offering a 5% yield. I haven't read the post, but I'm heading there now.

[sweeps]

Unless HSBC hits the 5% mark, I'm looking at transferring my money to GMAC. Very good rate, fast transfers, check writing, and it looks like their financial troubles are starting to go away.

[BTC]

What is GMAC's rate? How long does it take to open an account with them? GMAC is a Money Market account, correct?

Sweeps, did GMAC really have any significant financial troubles? I thought dad had the trouble and junior is trying to move out of the house, at least 51% of him is.

or have I misunderstood all this?

[sweeps]

BTC: Yes, it's a money market account. FDIC insured of course. Current rate is 4.7%. Their CDs aren't bad either. 5.2% on a 1-year CD.

rexdart: I like your analogy. Yes, GMAC was getting pulled down with GM's problems, and it's credit rating was suffering. There were no worries about depositors losing their money, but I don't want to have my money at some place with that much drama. Now things are getting better, as you pointed out.

[Bluezy]

I transferred all my monies from HBSC and ING and will close those accounts, similarly to what I did with Emigrant. All transfers went quickly and smoothly.

RateEdge.com is paying 5%, so until I scan the market, I will leave my energency funds there. Everything else went into GTE CU into my 5.38% APY CD.

I'm learning that the rate chase makes for a temporary rush only. I am now on my feet well enough to be picky

[CJsoccerchic]

does anyone know is GMAC is offering an incentive to join? is the website GMACBANK.com?

[sweeps]

Yes, gmacbank.com. To my knowledge, GMAC does not offer any signup or referral bonuses.