anyone know what the interest rates of these accounts are currently?

dev77 said:anyone know what the interest rates of these accounts are currently?Check the stickie!

I'd like the throw in my two cents for VirtualBank.

VirtualBank.com
* Interest rates not the highest but still fairly competitive (4.6% vs 4.75% @ Citibank).
* Super quick (faster than ING and MUCH faster than HSBC). Experience: Request ACH pull from BofA on Mon, money leaves my acct Tue, and interest starts accruing on the cash on Wed.
* Good customer service - the few times I called I was immediately able to speak to someone with a clue. Try that with Citibank and their indian call centers.
* Really easy to open up a CD with them using funds already on deposit -- took me <10 minutes a few months ago to take some of my cash and lock in a 6-mo CD @ 5.25%
* Member get a member program. Referral system allows new members to pocket $20 when you refer them (and get $20).

Good site to look at various savings rates:
http://www.bestcashcow.com/savings.html

-g

FWgunn said:I'd like the throw in my two cents for VirtualBank.

VirtualBank.com
* Interest rates not the highest but still fairly competitive (4.6% vs 4.75% @ Citibank).
* Super quick (faster than ING and MUCH faster than HSBC). Experience: Request ACH pull from BofA on Mon, money leaves my acct Tue, and interest starts accruing on the cash on Wed.
* Good customer service - the few times I called I was immediately able to speak to someone with a clue. Try that with VB
* Really easy to open up a CD with them using funds already on deposit -- took me <10 minutes a few months ago to take some of my cash and lock in a 6-mo CD @ 5.25%
* Member get a member program. Referral system allows new members to pocket $20 when you refer them (and get $20).

Good site to look at various savings rates:
http://www.bestcashcow.com/savings.html

-g

Take all the points you made (minus referral) plus:
*Higher savings account rate
*Higher CD rates
*50 free checks and check writing capability
*Free atm card
*No atm fee
*$6/month atm reimbursement for other bank's atm

And you have GMAC Bank.

CoffeeEater said:jasonb885 said:I am very, very pleased with GMAC after my experience with HSBC. GMAC's sign up was fast, the Web site very friendly, and the CSR I spoke with after I made a mistake with account verification was friendly. I did get hit up with a signature card, but it was postage paid.



I have all of the above accounts and my money is with GMAC. So many great features that the others don't have...plus the high rate.

I write my rent check from my GMAC savings account each month, do ATM withdrawals and get my fees refunded, etc.

I completely agree...GMAC blows the others out of the water. Plus, you can link all the other ones to GMAC to quickly drain them into GMAC.

Presidential Checking (Currently 4.5% APY):

Good:
-Unlimited withdrawals (obviously it's checking)
-Check writing (obviously)
-Free bill pay with fund withdrawal only when check is cashed
-VISA Debit card
-Historically competitive interst rates
-Statements stored FOREVER (why the hell can't anyone else do this)

BAD:
-They sure don't waste your money on the website...
-1k minimim otherwise $5/month
-More than 25K and interst rate goes down
-Historical statements/check images use crappy seperate but functional systems
-Pin number can't be changed online or over phone
-VISA debit card takes 3 monthes
-Hard credit pull
-Direct deposit required

My Experience:
-All transfers to/from emigrant have happened overnight
-ATM withdrawals reflected immediately in available balance
-2 Calls to customer service. Short wait, good CSR.

My (Biased) Conclusion:
-Best account to direct deposit into and bill pay with IMHO
-1k min is moot considering the interst the account earns
-hard pull is bummer
-not playing "the lets keep the checking account as low as possible and only transfer in 1 day before i make a payment because it pays crap interst and screw it up and pay a fee" game is great
-Historical statments are fantasic, every account should have this. I don't need to spend a second organizing my statments just like i don't need to spend a second doing the above

I realize that they are FDIC insured, but with General Motors' recent financial difficulties, is anyone concerned about the fact that GMAC Bank is part of GM?

GMAC Bank FAQ

hoffjm00 said:searching4deals said:I realize that they are FDIC insured, but with General Motors' recent financial difficulties, is anyone concerned about the fact that GMAC Bank is part of GM?

GMAC Bank FAQ

That's why I didn't sign up.

FDIC insured, majority owned by outside investors, it is your loss not to sign up.

x43b said:hoffjm00 said:searching4deals said:I realize that they are FDIC insured, but with General Motors' recent financial difficulties, is anyone concerned about the fact that GMAC Bank is part of GM?

GMAC Bank FAQ

That's why I didn't sign up.

FDIC insured, majority owned by outside investors, it is your loss not to sign up.

Not really. I prefer HSBC. If my loss for piece of mind and an actual branch in my area is .1% interest, then so be it.

And btw, that majorty is 51%.

x43b said:

If FDIC insurance, majority ownership by an exterior group, the 10 billion plus cash hoard that GM has, that multi BILLION DOLLAR PROFIT that GMAC makes every year and continues to make means you lose "piece [sic] of mind", you have paranoia issues.
Not quite Billions in profit but a net profit of $90.7830 million with an ROA of 2.64% makes them look to be a very safe bank. I don't have an account with them but I would have no problem using them. Would rather open with them than one of those $100 Million in total assets CU's we see here

From Bankrate:
GMAC BANK
GREENVILLE, Delaware
bankrate.com. Star Rating ««««
Safe & Sound CAELSM Rating 2G


GMAC BANK is a nationally-chartered thrift institution, which, as of December 31, 2005, reported $9.6652 billion in total assets. Mortgage loans and deposits held by the institution, at that date, amounted to $9.3094 billion and $4.2184 billion respectively. December 2005 net worth, the difference between total assets and total thrift liabilities, was determined to have been $708.7850 million which was 7.33% of total assets. For the year ended December 31, 2005, the company recorded net income of $127.8020 million which represented an annualized return on assets (ROA) of 1.99%. Year earlier full year results amount to a net profit of $90.7830 million or a 2.64% annualized ROA. An ROA of 1.0%, within the banking community, is a benchmark of solid profitability, and the thrift industry's ROA for the full year of 2005 approximated 1.2%.