Just a quick note on GMAC Bank.  Rates are dropping everywhere with many savings account are below 2.00% APY.  GMAC Bank’s online savings account is still at 2.75% APY.

We expect GMAC Bank to lower rates like its competitors but for now it is clear that GMAC is very serious in its efforts to rebrand itself into a banking company.  In today’s market 2.75% is a great rate and GMAC has historically had some of the highest rates in the market.

If you want checks and a visa card the rate goes down to 2.25%.  Opening a GMAC account online is a very quick and efficient process.  You get immediate access to your account online and only need to verify your externally linked checking account to make it fully functional.   A process that can take as little as 2-3 days.

GMAC will also mail you an information packet and a signature card that you need to return in a prepaid envelope.

All the accounts at GMAC Bank are FDIC insured.  For more information visit GMAC Bank.

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