GMAC Online Savings Account

Flatbeer asked me:

GMAC raised the interest rate to 4.75% ($500 min). I checked the general FAQ and you can now download account info into Quicken & Money. With electronic transfers, downloadable account info, checks, AND a VISA check card, I would think that most people would choose this option for an online money market account. Why do you think they are not?

The email inspired me to update the online savings and checking account rate table. As far as why people don’t use GMAC as often, it’s probably an issue of marketing. I see ads for ING Direct, Emigrant Direct and HSBC Direct constantly, but it doesn’t appear that GMAC markets the product quite as strongly.

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Flexo, the owner and creator of Consumerism Commentary, has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow him on Twitter.

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Making Our Way

I've found that emigrant is pretty rigid, especially if you want to title your accounts differently, say in the name of an irrevocable trust or a living trust - they can't handle it.
Also, you can only link to two external checking accounts.

I'm very tempted to check out GMAC's offering especially if they're more flexible when it comes to EFTs.

Flatbeer - any data on this?

Question, at 4.75% does this make 28 day treasuries less attractive?

Have a wonderful Thursday,
makingourway

Easy E

I've had a GMAC money market account for sometime now, and I love it. It is my favorite of all the money market accounts I have tried. It is so much easier to use and you can actually get ahold of customer service if you need too. Everyone should have a GMAC account.

PS I have ING, HSBC, and Emigrant accounts also. They aren't even close.

Paul

I was pretty tempted by the GMAC account, too -- in the hopes that it actually was a Money Market account. But it is a savings account and as such subject to the loathed "Regulation D" (limit of 6 transactions out a month). You are also only allowed 3 check card or check transactions out of the total six.

I really, really hate regulation D. It's right up there with the phoney-baloney FUSCRF on the phone bill. If regulation "D" is really a "law" than why do the banks just charge you a service fee if you exceed the maximum number of transactions? Shouldn't they just not allow them, period?

John Koontz

Just got an email that HSBC is going to be at 4.5% when the promitional rate ends on May 1. Might want to update your table.

Brian

I moved my entire emergency fund from Emigrant to GMAC for the mere fact that they offer a debit card and free checks. If I ever do need the money for an emergency, what good would it be if I had to ETF the money from emigrant/ING to another account and then wait 3-5 days for the transfer to clear. Add to this the fact that GMAC offers the same or higher interest rate and it's a no brainer (to me anyway).

Unhappy Customer

I have recently opened a GMAC savings account.
Even more recently, I checked my credit report.
GMAC made a hard inquiry into my credit report.
They did this to verify my identity during the application process (so they say).
This inquiry will sit on my report for two years and will negatively affect my credit score. There was no good reason for GMAC to do this. I am placing money with them, not taking out a loan. I find this tactic deplorable. How's that for customer relations?! Think twice before opening a GMAC savings account.

Thankful

Unhappy Customer thanks for the heads-up. I just read their disclosure and it mentions it in the first clause.

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