I signed up for it yesterday. Interest rates slightly better than ING. Same convenience of taking money in and out of any checking account. No permanent checking account link like ING. You can transfer money into GMAC bank by simply knowing the routing and account numbers. No need to mail in a voided check. They will also send you checks to write against the account (money market). Backed by the GM Corporation. No referral or sign-up bonuses, though
This is a good way to transfer money from one checking account to another.
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posted: Feb. 10, 2005 @ 10:27a
Kismet4Max
Senior Member
posted: Feb. 10, 2005 @ 11:39a
Slightly better than ING, but ING is no longer the top savings account...with no signing up bonus from GMAC, I don't see a reason to open this account.
vdadlani219 said: Slightly better than ING, but ING is no longer the top savings account...with no signing up bonus from GMAC, I don't see a reason to open this account.
-Vik
One reason would be to be able to link this account to a brokerage account. INGDirect doesn't give you check-writing ability, and you can't link it to a brokerage account. GMAC would allow you to skip a step when transferring funds.
Bycracky
Senior Member
posted: Feb. 10, 2005 @ 2:57p
It looks to be FDIC insured too. I guess its the Ford MMA that isn't.
oldye
Senior Member
posted: Feb. 10, 2005 @ 6:13p
emigrant is at 3%
Zon
Senior Member
posted: Feb. 10, 2005 @ 6:27p
Bycracky said: It looks to be FDIC insured too. I guess its the Ford MMA that isn't.
You are thinking of GMAC Demand Notes (and the Ford MMA). Those are different. This is GMAC Bank, which is a real bank.
oldye said: emigrant is at 3% Agreed. However, this is a great addition to ING and Emigrant if you want to diversify your holdings.
tylr
Member
posted: Feb. 10, 2005 @ 7:15p
There are so many banks that have increase their rates in the last week or so to 2.50% or better if you have a high cash balance. GMAC is one of the ones with low balance requirement, so if you want a low balance high interest account, this seems like a decent choice especially if you're staying clear of Emmigrant due to mixed reviews. Short term rates probably are going to go thru some adjustments in the next 12 months based on Fed's actions. To put thing in perspective, for 10K, the difference between 2.50% and 3.00% APY for 6 months is about $21. Obviously, the difference will be less for a lower amount and more for higher.
pretty decent account for an emergency fund...beats a crappy bank savings return. Money markets are starting to look a lot better now too. You can get those with check writing privlidges, but I dunno about the ease of transferring...probably better off going w/ the GMAC deal.
alpinewhite said: oldye said: emigrant is at 3% Agreed. However, this is a great addition to ING and Emigrant if you want to diversify your holdings.
Diversifying your holdings??? Why does it matter if its a MM or savings account as long as you don't have over $100k in each. I guess it might be an issue if you had $300k in liquid cash... but then again you would probably diversify into other investment vehicles like stocks.
Auream
Senior Member - 1K
posted: Feb. 10, 2005 @ 8:12p
I'd stick with Emigrant personally unless you are investing over $100K. Some people are very paranoid, I suppose.
I signed up for it yesterday. Interest rates slightly better than ING. Same convenience of taking money in and out of any checking account. No permanent checking account link like ING. You can transfer money into GMAC bank by simply knowing the routing and account numbers. No need to mail in a voided check. They will also send you checks to write against the account (money market). Backed by the GM Corporation. No referral or sign-up bonuses, though
This might be a good way to transfer money from one checking account to another. Haven't tried it, though.
So just to confirm, this is via ACH and there is no fee? Sounds good.
Will be interesting to find out about the sign-up process. One reason I didn't open an Emigrant account is because of the "hassle" some people are experiencing.
oldye
Senior Member
posted: Feb. 10, 2005 @ 10:38p
pacman777 said: alpinewhite said: oldye said: emigrant is at 3% Agreed. However, this is a great addition to ING and Emigrant if you want to diversify your holdings.
Diversifying your holdings??? Why does it matter if its a MM or savings account as long as you don't have over $100k in each. I guess it might be an issue if you had $300k in liquid cash... but then again you would probably diversify into other investment vehicles like stocks.
some of the members of this forum are very wealthy and I've noticed that many of the members here are also very risk averse.
one fear is that the fdic might take their sweet time to pay out so if you have say 50k in 0% credit card debt then diversifying incredibly safe accounts such as this might not be the worst decision
www.virtualbank.com pays 2.6% (also fdic insured) last I checked so that would also be better then gmac oh and also they have a referal bonus setup (20$ last time I checked) I'm not a member so please do not pm me for one thnx
oldye said: www.virtualbank.com pays 2.6% (also fdic insured) last I checked so that would also be better then gmac oh and also they have a referal bonus setup (20$ last time I checked) I'm not a member so please do not pm me for one thnx
VB pays 2.60 on the first 10K only. After that it's 2.30.
mbaker4096
Senior Member - 1K
posted: Feb. 11, 2005 @ 4:02p
Don't know why you wouldn't go with CapitalOne Savings (2.60%), Presidential Checking (3.00% up to $25K), Emigrant Savings (3.00%), or Superior Savings (3.04%, min $10K balance).
I have $70K tucked away in Superior. If I didn't have the $10K minimum I'd shove it away into Presidential for added accessibility.
tylr
Member
posted: Feb. 11, 2005 @ 7:00p
mbaker4096 said: Don't know why you wouldn't go with CapitalOne Savings (2.60%), Presidential Checking (3.00% up to $25K), Emigrant Savings (3.00%), or Superior Savings (3.04%, min $10K balance).
I have $70K tucked away in Superior. If I didn't have the $10K minimum I'd shove it away into Presidential for added accessibility.
If you want accessibility, National Access MM (3.00% APY) is more accessible than Superior Savings. Minimum of 25K but no limit for 3.00% and no direct deposit requirement like Presidential. Someone did post that new account is now limited to VA residents which I didn't confirm.
oldye said: some of the members of this forum are very wealthy and I've noticed that many of the members here are also very risk averse.
hmmm..perhaps FI (financial independent) or well-off is more accurate? I have abit of problem picturing Bill Gates or Buffett frequenting this forum.
Wow. 23 pages of this thread! Thanks for the link. I tried to search Emigrant this past weekend, but kept getting an error from FW (couldn't read my PM's either).
Not to be outdone by ING raising their rates to 3%, GMAC just raised theirs to 3.05%.
Grobe
Senior Member
posted: May. 3, 2005 @ 9:18p
Could someone clarify GMAC Bank's ACH facilities for its Money Market account? Is it both IN and OUT or IN only? Can you set up permanent links or do you have to provide routing & account numbers each time? Any limit on the number of banks you can link to?
ashong
New Member
posted: May. 4, 2005 @ 9:43a
You can set up permanent links for ACH in and out of the money market account. The maximum number of links is 6. This is according to the CSR.
Grobe
Senior Member
posted: May. 10, 2005 @ 11:56a
How long has GMAC Bank had good rates? [I'm more interested in a bank with a long history of good rates than one which offers great rates for a few months and then drops them to a low level]
SeattleNative
Senior Member - 1K
posted: May. 13, 2005 @ 3:04p
GMAC Bank does NOT charge for ATM usage at any ATM, plus provides up to four ATM-surcharge rebates (max. $1.50) per month ($6.00). ATM access is not offered by the ING Direct Orange Savings Account or by the Presidential Bank Premier Money Market product.
Grobe
Senior Member
posted: May. 13, 2005 @ 3:12p
Do ATM withdrawals fall under their 6 transaction limit/month?
BigBucksNoWhammy
Tired Member
posted: May. 20, 2005 @ 3:51p
I have experience with several of the more popular 3.00% + savings banks and even though GMAC is not on top with its current 3.10% (500 min) I find that of all the websites theirs by far is the most flexible, user-friendly and advantageous. Not only can you link any account (need only the routing and account #s and no wait) but you can both push and pull from GMAC and they seem to be QUICKER than any other bank I have dealt with (ING, IDB, Cap1, Virtual, etc.) Not only that but they have eliminated many of the hoops that these other banks have. Finally, I find that their rates on short-term CDs (under 18 months) are generally at the top of Bankrate's list and their low minimums make them feasible for those of us with more modest fortunes looking for highest short-term yeilds. If you haven't checked them out I think you would do well to. If nothing else they are excellent for pulling and pushing funds between multiple online savings accounts without the stop over in checking. That said I suppose to some the drawback would be the $500 minimum to open and get the rate, but even to the modest sums I use to play this rate-chasing game, that's kinda peanuts.
aa1bb2
Member
posted: Jun. 21, 2005 @ 7:47a
GMAC will pull your Credit Report for just opening a bank account.
BigBucksNoWhammy
Tired Member
posted: Jun. 21, 2005 @ 8:41a
Do you mean a hard pull? If so, they never hard pulled mine. And if only a soft pull, then who cares. Pull away. I have nothing to hide.
aa1bb2
Member
posted: Jun. 21, 2005 @ 8:53a
That is what CSR told me.
BigBucksNoWhammy, have you checked your EQUIFAX report after you open your first account with GMAC? Thanks.
BigBucksNoWhammy
Tired Member
posted: Jun. 21, 2005 @ 9:20a
I use Citi Credit Monitoring Service. I don't see anything in the hard pulls that identifies itself as GMAC in conjunction with the date I opened my GMAC account.
I had some inquiries related to GMAC mortgage/Ditech (when I was shopping around) from 3 months earlier. I suppose it is possible (though unlikely) that one branch of GMAC shared this existing report with another in my case, who knows?
Now, if they did pull it then they use some other name to pull it, that is another story. I don't keep track that well to be able to say that GMAC didn't pull a hard using some other name. For example, the only hard pull I have from Equifax that I can't positively identify is from NTLINTERBK, but I think that is from a recent re-fi I did on my house through my local bank. The mortgage paperwork says the bank went through "Credit Informations Systems" but I don't see that (or anything resembling it) on any of my CRs.
LightsInSpace
Happy Member
posted: Jul. 6, 2005 @ 11:16a
aa1bb2 said: GMAC will pull your Credit Report for just opening a bank account.
Yep. Did anyone find out if it was a hard or soft pull?
LightsInSpace said: aa1bb2 said: GMAC will pull your Credit Report for just opening a bank account.
Yep. Did anyone find out if it was a hard or soft pull?
Seems like a soft pull. I use a credit monitoring service which typically reports any hard inquery after a couple of days. A week after opening an account with GMAC, no report yet.
GMAC is indeed very faster in transferring the funds. I did a transfer into my account on 7/2 (Sat.), and it reported the fund became available on 7/4 (a holiday). Don't know how could they do that.
bill777
Happy Member
posted: Jul. 22, 2005 @ 1:50a
Fund Transfer used to be very quick like newgun said. But I found my Transfers have been quite SLOW recently: For in-bound transfers, funds show up the next biz day but need 2 more biz days to become avaialbe; Out-bound transfers are even slower than that by 1 biz day. Is it just me or GMAC Bank just changed their policy???
Transfering Funds was the only reason I opened this account so I am quite disappointed. Please share your experience, thanks!
gobigorgohome said: I am not sure of other's experiences. But, it has been real disappointing in their e-deposit feature. After trying 5 times to get them to accept it, I threw my hands up and just mailed them the stinking check. No android application either.I agree, Ally's online deposit is terrible compared to USAA. They ask all these questions like the orientation of your scanner (?!?), there are way too many steps and then after all that I get an email the next day that my check was not accepted. Twice I've had to resubmit checks, I found its easier to just scan to a file myself and then submit the file instead of scanning from the web app.
USAA's web-based deposit app is straightforward and just works - gives instant confirmation that the check has been accepted (no waiting until the next day to find out) and the USAA Android app is even better... I've taken pictures of checks in poor light and it still deposits no problem.
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