GMAC Bank - Cash Savings with Interest
Most financial experts recommend keeping some quantity of cash savings available for emergencies. Up until a few months ago I kept my cash savings in standard Certificates of Deposit with my credit union. CDs provide a modest interest return, but make quick access to the funds painful with early withdrawal fees. I did a little research for a good alternative and found GMAC Bank. Its interest rate returns are better than CDs and there are no “early withdrawal” penalties.
GMAC Bank offers a “Money Market Savings” account which earns a very competitive interest rate, currently 5.30% APY. Deposits are FDIC insured and can be made via mail (postage-paid envelopes are provided at no cost), ACH, or wire transfer.
After opening your account you will receive a small order of checks and a VISA Debit/ATM card. ACH transfers of funds from GMAC to your normal bank account are free and take ~24-48 hours.
There are a few minor catches (of course) but I could easily live with all of them.
- Minimum balance of $500 to avoid monthly charges
- Maximum of 3 check/debit card transactions per month
- Maximum of 6 withdrawals, or transfers to other accounts, per month
- No local bank branches you can go visit
The GMAC Bank web site is simple and secure. From the web site you can do basic account management such as reviewing transactions or initiating a deposit or withdrawal (via ACH.) GMAC Bank will also download transactions to Quicken or MS Money.
You can open an account online or by phone.
- Open an account online
- Open an account by phone: 1-866-2GMBANK (1-866-246-2265)
