APY as of 01/12/07
MMS
4.99% (< 500) 
5.10% (500 +)
CD (500 +)
3 months 5.15%
6 months 5.15%
9 months 5.20% 
12 months 5.25%
18 months 5.20%
2 years 5.20%
3 years 5.10%
4 years 5.10%
5 years 5.10%
Edit by Moderator: Thank you for participating in the forums. However, this topic has been covered in a recent post Here.
APY history (for $500+):
1/26/2007 5.00%
1/12/2007 5.10%
12/15/2006 5.20%
12/1/2006 5.25%
11/10/2006 5.30%
10/6/2006 5.25%
8/4/2006 5.00%
7/27/2006 5.10%
7/14/2006 5.05%
7/7/2006 4.90%
6/9/2006 4.80%
4/21/2006 4.75%
4/7/2006 4.70%
3/10/2006 4.65%
2/25/2006 4.60%
12/10/2005 4.30%
12/3/2005 4.10%
11/12/2005 4.00%
11/11/2005 3.75%
8/28/2005 3.45%
CD RATES
Another FW Thread
routing number: 031176136 (for setting up direct deposits)
I wonder why gmac's website only shows 3.45%?
GMAC Demand Notes (not FDIC insured) = 4.75%
http://www.gmacfs.com/notes/demand/main.htm
What are demand notes? How long do you have to hold them?
GMAC Bank Money Market Account is an FDIC-insured bank deposit account. Unlike ING Direct and Emigrant Direct, GMAC Bank offers ATM card access with some ATM surcharge rebates.
GMAC Demand Notes are NOT FDIC-insured bank deposits.
my HSBC online also gives me ATM card access and I have been getting 3.75 for a while now......
George 2350 wrote: my HSBC online also gives me ATM card access and I have been getting 3.75 for a while now.... Checking the HSBC Online Savings Account information, there is a vague reference to a "linked ATM card". Would this be linked with another HSBC account, or is the ATM card offered with just the savings account?
The HSBC account is a great rate, probably the reason GMAC's rate has increased.
Rate now updated.
GMAC rate table
ED will hike again on next FOMC meeting? ED 4.25%, ING 3.50%
if so, ED and Presidential would really start to crowd into I-bond territory...bring it on!
SeattleNative said:George 2350 wrote: my HSBC online also gives me ATM card access and I have been getting 3.75 for a while now.... Checking the HSBC Online Savings Account information, there is a vague reference to a "linked ATM card". Would this be linked with another HSBC account, or is the ATM card offered with just the savings account?
The HSBC account is a great rate, probably the reason GMAC's rate has increased.
The ATM card can be linked to either a savings or checking account. I have both.
This is a great news! Plus it is very fast to open an account at GMAC, unlike President and HSBC. Plus it is very easy to add exteranl accounts. Plus... There will be a lot of pluses...
I love GMAC bank. Great service, ease of use, and more perks that ID, ING,etc.. (debit card with ATM rebates, limited check writing, etc.) I always recommend gmac to friends and family.
Can anyone invest in their demand notes. Their website mentions "family members":
"Demand Notes is designed to provide eligible GM family members with a convenient means of investing funds directly with GMAC"
Clocks said:Can anyone invest in their demand notes. Their website mentions "family members":
"Demand Notes is designed to provide eligible GM family members with a convenient means of investing funds directly with GMAC"
"GM shareholders" are eligible. I assume that I can buy 1 share GM stock then I become eligible?
when I log into my account, it still shows APR 3.39%. guess they are going to update on Monday.
Clocks said:
"What are demand notes? How long do you have to hold them?"
GMAC Demand Notes are just like a money market fund. Your funds are secured by GM Notes. They issue you a checkbook and you can write checks anytime. Up until a year a year ago, anyone could open an account. Now you have to be a GM employee or family member, have borrowed money from GMAC, or be a GM shareholder. I would imagine that owning 1 share of GM stock would qualify.
The risk in putting money here is that GM could declare bankrupcy and you would become a creditor just like other creditors. My thinking is that if bankruptcy is imminent, this would be plastered all over the news and your money could be withdrawn before it actually happens. There is greater risk here but the rate is considerably higher than other mmf or banks.
Their rate goes up like clockwork. Every time the fed raises rates by 1/4 percent, the following week GMAC demand notes rate goes up 1/4 percent. If the fed raises another 1/4 percent each in Nov and Dec. I would expect GMAC demand note rates to be at 5.25%.
cak144 said:Clocks said:
"What are demand notes? How long do you have to hold them?"
GMAC Demand Notes are just like a money market fund. Your funds are secured by GM Notes. They issue you a checkbook and you can write checks anytime. Up until a year a year ago, anyone could open an account. Now you have to be a GM employee or family member, have borrowed money from GMAC, or be a GM shareholder. I would imagine that owning 1 share of GM stock would qualify.
The risk in putting money here is that GM could declare bankrupcy and you would become a creditor just like other creditors. My thinking is that if bankruptcy is imminent, this would be plastered all over the news and your money could be withdrawn before it actually happens. There is greater risk here but the rate is considerably higher than other mmf or banks.
Their rate goes up like clockwork. Every time the fed raises rates by 1/4 percent, the following week GMAC demand notes rate goes up 1/4 percent. If the fed raises another 1/4 percent each in Nov and Dec. I would expect GMAC demand note rates to be at 5.25%.
Do you know any more details about how this is structured? Can they freeze redemptions at their discretion? If an impending bankruptcy is plastered all over the news, wouldn't a lot of other people be trying to get out too? I assume the debt is unsecured, but it is subordinated also?
It's really very different from a money market fund because you are not only uninsured, you are also completely undiversified.
It seems a lot like banking 1920s style to me!
I have some funds in GMAC Demand Notes though I've lately been on the move if you know what I mean. It would probably be more correct to call it "commercial paper" with check writing priviledges than a money market account. I look at the account as growing in risk and the interest rates reflect that. If GM would spin GMAC off to raise cash that could change as the division is very profitable when looked at as a stand alone. As it is, if GM declares bankruptcy I believe Demand Notes accounts could be affected. With Delphi going into chapter 11 yesterday as an indicator as to the health of the U.S. auto industry it is rather chilling. The GMAC Bank MM is OK but I don't think I'd exceed the FDIC limit. I'm sure glad I don't own GM bonds. The value of these has dropped with the downgrading so if you want your full value you have to wait many years in some cases for maturity. Hope the company is still kicking for those outyear bondholders.
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