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Online Savings & Money Market Account Rates 2020

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GMAC Bank Raises Online Savings Rate to 3.75% APY

Rate information contained on this page may have changed. Please find latest savings rates.

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.

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.  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.


DollarSavingsDirect Raises Online Savings Rate to 4% APY

Rate information contained on this page may have changed. Please find latest savings rates.

DollarSavingsDirect raised the rate on their online savings account from 3.75% APY to 4% APY, putting them at the top rate savings rate spot on the BestCashCow rate tables.

DollarSavingsDirect

DollarSavingsDirect raised the rate on their online savings account from 3.75% APY to 4% APY, putting them into a tie for first as the top savings rate on the BestCashCow rate tablesWe originally covered DollarSavingsDirect in late August when they first launched seperate from the bank's existing online division EmigrantDirect.com.  It's becoming clear that DollarSavingsDirect is the brand that Emigrant wants to use to raise new deposit money. 


Washington Mutual Cuts Rates and Disappears from Rate Charts

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We expected it would happen and today Washington Mutual cut its savings and cd rates. They were once some of the top rates in the country but they have now dropped off the rate tables. RIP.

From the moment JP Morgan Chase acquired Washington Mutual we knew it was only a matter of time before WaMu's saver-friendly rates started to drop.  That day is today.  Washington Mutual cut its savings and cd rates to such an extent that they are no longer listed on the BestCashCow rate tables

Until today, WaMu was offering a 4% APY savings account that was tied for #1 as the best savings or money market rate in the country.  That rate is now 3% APY.  Their 1-year CD was paying 4% APY, also the best in the country and a great deal but the rate has been dropped to 3% APY, removing it from the best 1-year cd rates table.

For savers, it's a sad day.  WaMu offered an easy account opening process and we hardly heard any complaints about the bank.  There is little chance that under Chase, WaMu will return to its pro-saver days.  With rates expected to drop, we hope everyone who wanted to got the getting while it was good.

RIP.