GMAC Bank Online Savings Gains 3.25% APY
GMAC Bank offers a very competitive high interest savings account with gains of 3.25% APY on all tiers. The minimum initial deposit to open the account is just $1.
The online savings with GMAC does not require any minimum balance nor does it collect any monthly service charges. Rates are effective as of 1/09/2008 so it will be wise to call GMAC customer service line first before opening an account.
There are several options to open an account. A customer may go online and fill up an application, initiate an account over the phone, or download a printable form that they can complete and mail to the bank.
Accounts can be accessed online 24/7. Transfer of funds to other account is limited to six electronic withdrawals per statement cycle. Any transaction after the max out limit will be charged $10 each.
GMAC Bank’s mother company has been in the news lately due to the financial challenges it faces. They could be in better shape now since the Federal Reserve granted it the bank holding company standing. The Treasury Department also expressed its intentions of taking a stake with GMAC for $5 billion.
Accounts with GMAC Bank are covered by the FDIC with certificate # 57803.
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