GMAC Bank Raises Yield of Online Savings up to 3.75%
GMAC Bank raises the yield of its Online Savings account up to 3.75% APY. The bank reverts back the rate after lowering it to 3.60% last October 17.
The OSA of GMAC bank was launched September. The Online Savings Account is similar to their Money Market Account except that it doesn’t a debit card and has no check writing. The OSA has a higher yield compared to their MMA which is posted at 3.00% APY.
The increase in rate may be attributed to GMACs need for a wider client base given its struggle with Residential Capital(ResCap) and its autoloan portfolio.
The online savings account can be opened online unlike before when eligibility was only limited to existing account holders.
The CD rates for GMAC Bank are also up by as much as 25 basis points for its 3 month term now at 3.5% APY. The 18-month term is now at 4.40%, 24-month at 4.5%, while the 6-month term remains at 4.00% APY.
BauerFinancial and banrate.com reviews for GMAC Bank are a bit lower at 3 stars and 3.5 stars, respectively.
The GMAC Bank has been granted an FDIC waiver for 10 years July 2008.
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