GMAC Online Savings Letter

[omicron]

Hey, did anyone get a letter from GMAC? The letter said if you convert from the money market account (3%) to the online savings account, you will get 3.55%. The downside is that there will be no more debit card or checks. Sounds pretty good for existing MM account holders. What do you guys think?

[FrugalIII]

I didn't get the letter, but even if I did, I wouldn't do it. In my financial state, having the option of the debit card and checks is worth the sacrafice of a fraction of a percentage point. The MMA is my primary emergency savings so if I need the money in a hurry, the debit card and checks are to me, necessary.

[poundwise]

I don't think it is anything too exciting.

If one likes GMAC and likes the debit card access, then the modicum increase in rate is inconsequential. If one is interested in moving to another account in order to obtain greater interest, without regard for the debit card, then there are plenty of other options available already.

It sounds like GMAC is moving away from the accessible MMA offering in favor of the online savings. I don't have any specific information to this effect, however, I wouldn't be surprised if, at some point in the near future, the online savings was the only option offered.

[buzz]

Hey, did anyone get a letter from GMAC? The letter said if you convert from the money market account (3%) to the online savings account, you will get 3.55%. The downside is that there will be no more debit card or checks. Sounds pretty good for existing MM account holders. What do you guys think?

Sounds like a loser to me. I've already reduced my account to a $500 maintenance deposit--I'll keep that for awhile to see if they come around to be competitive with rates and services. If not, toot-a-loo!

HSBC is at 3.50% with a free billpay account, debit card which refunds ATM charges, no minimums and no fees. I also have an account with Alliant CU at 3.75%, free checking and a debit card. GMAC is so last year.

Next up is probably a Fidelity "mySmart Cash Account" (with 1.5% cash-back VISA).

Addendum: GMAC's customer service dept that could not even figure out how to change my PIN on my debit card. Brother...

Also, HSBC may be lowering their APY. If they do, I'll shift funds to Alliant. I may even hold my nose and throw some money FNBO's way. At least HSBC still offers the other extras.

[kork13]

GMAC is so last year.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

sorry, that's a stereotypical Cali-girl line... except about banks and interest rates.... rofl