Home
Savings Rates
CD Rates
Bonds
Mortgage Rates
Home Equity Rates
Auto Loan Rates
Credit Cards
Brokerages

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: 1221    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.


Sponsor Updates and Offers

Sign up for Zions Direct’s free weekly newsletter.

Get market information, CD and Bond auction updates, new-issue alerts and more.

Related Articles:



1

Email this story Email to someone | Print Story Print Content | Add to reading list



Add Your Comments:

Your Name:

Spam protection control:


© Copyright 2009 BankMan All rights reserved. BankMan has granted BestCashCow.com, LLC non-exclusive rights to display this work on Bestcashcow.com.

Financial products of all nature bear inherent risks and this website is not a financial advisory service; it is a forum for users to share and to compare notes and observations on financial publications. The website provides, free of charge, the technical and logistical apparatus and the medium for users to share and to publish financial information and to comment on publications. As such, the website’s operator can not and does not take responsibility for information, observations or opinions of any sort or nature provided by third parties with whom it is not affiliated who use the website to publish, to comment or as a means of solicitation. Users are specifically warned against following any advice related to specific instruments, including, but not limited to, equity securities, that may be provided by other users directly on this site or on web pages to which other users have provided links on this site. BestCashCow.com can not and does not check or verify the qualifications and credentials of users who publish or comment on this site or on linked pages. Users should seek personalized advice from qualified professionals regarding all personal financial issues and evaluate the risks and applicability to their own circumstances of each financial product discussed regardless of who the publisher is or purports to be. Should you, through your use of this site, identify an individual or organization purporting to offer personalized advice, you bear all responsibility to ensure that the individual or organization has the qualifications that they may represent on the website, and that their advice is appropriate for your circumstances. On certain webpages, BestCashCow.com provides information related to rates on US-based savings accounts, CDs, short-term government bonds, and other US cash equivalent securities, also free of charge to internet users for their independent use. The accuracy of this information is not guaranteed, and the information, like all other information on this website, should not be construed to provide investment advice, nor to endorse a financial product of any sort.

© 2009 BestCashCow.com, LLC. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy.