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GMAC Bank Raises Online Savings Rate to 3.75% APY

Article Submitted by: BankMan
Bonds


Even though the Fed dropped rates last week by 1/2 percent, GMAC raised the rate on their online savings acccount from 3.5% APY to 3.75% APY.

 

Submitted: Oct 14, 2008    Views: 1374    Comments: 0    Likes: 1   


GMACBankEven though the Fed dropped rates last week by 1/2 percent, GMAC raised the rate on their online savings acccount from 3.5% APY to 3.75% APY.  This places their account amongst the Top 10 best online savings account rates according to the BestCashCow rate tables. 

From all accounts, opening an account at GMAC is easy and straight-forward.  You can fund your account via an account-to-account transfer and they use an initial trial deposit to verify your ownership. 

GMAC is rated 3 1/2 starts according to the latest Bauer Financial analysis but the company has come under stress due to the credit meltdown.  It's residential mortgage arm, Residential Capital (ResCap) is relying on the Treasury Bailout plan to keep it solvent. 

It's this pressure which probably led it to raise rates in its efforts to keep and attract new deposits.

Remember, as with any institution to keep your deposits amounts below the FDIC insurance limits.


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