GMAC Bank invites depositors to take advantage of their high yielding money market account. The current rate as of February 7, 2008 is a fixed 2.25% APY, which is among the best money market rates being offered today.

What makes this offer very impressive, though, isn’t even the yield. The account only needs $1 to open, and it has absolutely no maintaining balance requirement. For a small depositor, this news can’t get any better.

Other banks offering the same yield usually require an average of $1500 initial deposit and about the same daily minimum balance. With this account, you can keep your balance below $1, and your funds will still gain 2.25% APY.

According to the bank’s website, they also don’t charge their depositors for using ATMs from other banks. This money market account comes with check writing privileges, and they give the first order of checks for free. The package also includes a Visa Check Card that is recognized all over the globe.

Aside from the check writing privileges, the banks also posts usual MMA benefits: free online access to your balance status, unlimited ATM and over-the-counter transactions, and phone banking. Take note, though, that this money market account is regulated by the FDIC.

A depositor may only make electronic/online, automatic, telephonic and check transactions six times within the banking cycle. That banking cycle is a total of 30 days, and within the six withdrawals, you may only use your checking privileges thrice.

The bank has the right to deduct fees from your funds every time you make a transaction exceeding your monthly limit. The exact details of the penalty fees are not posted on the website, but you may call their 24-hour phone banking service for this information (1.866.246.2265).

Interested depositors may apply online. As in any other bank accounts you need to prepare valid IDs to verify your membership eligibility and your current mailing address.

The most common IDs used are driver’s licenses, military IDs and current utility bills. If you are emailing these paraphernalia to the bank, you should have scanned image files prepared.

You may also send the needed ID proofs and application forms though snail mail. The full details of the bank’s location and phone numbers are available in the website’s ‘contact us’ section .

This money market scheme is advantageous for small depositors who want to take advantage of the account’s high yields. The APY for this MMA significantly surpasses the national average for both savings and money market accounts.

If you are a small depositor who is not that big on frequent withdrawals, anyway, this is a good alternative to a savings account. Just make sure that you stay well within the six-withdrawals-a-month limit to dodge unwanted penalty fees.

However, there are higher yields available in the market for big depositors. Some banks offer as much as 2.75% APY for deposits exceeding $50,000.

GMAC is a Philadelphia-based banking institution federally insured by the FDIC.