GMAC BANK offers 4.6% APY

goodtosave · #1 (**permalink**) 03-02-2006, 11:17 AM

GMAC Bank currently offers 4.6% APY and they are FDIC insured(so it's safe even if GM goes under). You also get checks for the money market account so you don't have to hassle with delayed withdrawals and days of interest lost. I don't have an account with them so I am not sure how many transfer days or days of lost interest for deposits into GMAC Bank.

Ima saver · #2 (**permalink**) 03-02-2006, 12:26 PM

That is interesting. Do you have an address, phone number or link so we could check them out? Thank you!

sweeps · #3 (**permalink**) 03-02-2006, 12:39 PM

Ima: The address is www.gmacbank.com

HSBC is a better choice in the short-term and probably in the long-term too. In my humble opinion, of course.

Ima saver · #4 (**permalink**) 03-02-2006, 12:40 PM

Thanks sweeps!

Ima saver · #5 (**permalink**) 03-02-2006, 12:48 PM

Why do you think HSBC is the better choice?

sweeps · #6 (**permalink**) 03-02-2006, 01:38 PM

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.

Ima saver · #7 (**permalink**) 03-02-2006, 01:52 PM

Thank you, I can't keep up with all the rates. I thought HSBC was just paying that for a short time?

goodtosave · #8 (**permalink**) 03-02-2006, 02:47 PM

Quote:

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.

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.

Ima saver · #9 (**permalink**) 03-02-2006, 03:10 PM

Thanks good to save, I like having access immediately too. We build spec houses and I never know when I will need a large sum.

goodtosave · #10 (**permalink**) 03-02-2006, 03:48 PM

You do need to keep an average daily balance of 500 in the account to avoid a $5 monthly service fee.

And you are limited to 6 withdrawals a month.

Interestingly, ING, ED and HSBC all limit 6 withdrawals a month as well but you don't see that except in the fine print.

Virtual Bank is also offering 4.6% APY and their transfer times are similar to ING Direct.

CJsoccerchic · #11 (**permalink**) 03-02-2006, 09:00 PM

4.6 is too good to pass - I just hate having too MANY bank accounts like ING, ED, HSBS, CCCU, and now this new one?!?!?

Too many to choose from....

sweeps · #12 (**permalink**) 03-03-2006, 06:03 AM

Quote:

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.

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.

Ima saver · #13 (**permalink**) 03-03-2006, 06:53 AM

Ilike the fact that you can open the account over the phone or by mail. Some of the banks won't let you do this.