GMAC Bank offers a high-yielding money market account offering some of the best online rates available. Users have reported that these accounts are easy to open, requiring only a $500 minimum. They also report that GMAC Bank's customer service is responsive and that ACH transfers out are executed immediately and those in are credited immediately.
GMAC Bank also offers some of the highest yielding CDs and online bank accounts on the market.� Unlike other banks, it only requires a $500 minimum deposit.� Here are some additional details on their CD accounts.
- CDs can be opened online or by phone and can be funded by ACH electronic funds transfer or by check
- If funded by check, rate does not lock until check is received
- Early withdrawal penalty is 180 days of interest for terms over one year, 90 days of interest for shorter terms
- 10 day grace period at maturity in which you can close CD without penalties
- Interest can be posted monthly, quarterly, semi-annually or annually
The opening process is pretty clear, but unless you have another GMAC account, they will require your actual signature on the application that they will mail to you.� GMAC Bank does not offer IRA accounts, but they do allow custodial and other legally titled accounts. The online application instructs you to call for assistance for these.
As with any bank at this time, it is strongly recommended that depositors do not deposit over amounts in excess of FDIC insurance limits.
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