Current Yield – 3.75 % APY as of 11/6/2008
As interest rates on savings accounts take a beating due to the Feds recent moves, finding a good rate on an online savings account is becoming a mission. GMAC Bank comes through with another solid online savings account. Currently, the interest savings accounts aren’t tiered and the rate currently sits at a 3.75% APY.
Though they state that GMAC does allow to access the money 24/7 it doesn’t say that you’ll usually have to wait 2-3 days to transfer in and out of the account. This is the norm with most savings accounts as they have to be cleared by the ACH.
Things to know.
GMAC Bank is relatively new. They have been in business since 2001 and is a bank arm of GMAC Financial. Though I’d usually steer away from banks that haven’t been in business too long, you’d be happy to know that this bank is FDIC Insured. Right now, that insures your savings accounts for up to $250k.
As with all savings accounts there’s a six withdrawal limit on the account. You shouldn’t be withdrawing that many times anyways as this account is built for saving as has state and federal regulations set against it. If you do happen to reach the 6 withdrawal limit, you’ll be hit with a $10 fee.
As far as other fees go here, there’s a $2 dollar fee for ordering a statement copy as well as a $7.50 returned deposit fee. This one is actually lower than most accounts found online. There fee disclosure list can be found here
As far as ATM goes, it’s one of the worst in this category. You are not limited withdrawing funds form Non – GMAC ATM’s. The only issue here is that there’s a limit. It’s also a bit tricky. The first 4 fees each month will be be refunded up to a limit of 6 dollars. It’s pretty easy to get hit with fees here. I hate having to think how many times or where I’ve withdrawn money during the month.
With one of the highest interest rates around, I’d recommend opening one up if you’re pretty secure that you won’t need immediate access to your funds. After all, these accounts are built to save money and build compound interest.
- A industry leading interest rate.
- Not an easy way to access funds.
- Minimum opening deposit of $1.
- FDIC Insured – Currently up to 250k
- No minimum balance required.
You can open a savings account with GMAC