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GMAC BANK? Anyone used them?
Old 12-01-2008, 05:06 PM   #1
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GMAC BANK? Anyone used them?

I'm still thinking about the CD ladder thing, and I ran across an online savings account at GMAC bank that yields 3.75%.

GMAC Bank : Online Savings Rates

Why wouldn't one use something like this to stash cash instead of tying it up in one year or longer CDs?

Has anyone used GMAC bank?

I'm not thrilled with the stability of GMAC these days due to the instability of GM and Cerberus, but it looks like for the next year I could get $750,000 of FDIC coverage if I open up two single accounts for me and my wife and then a joint account for both of us. This is according to the FDIC benefits estimator I found online at:

https://www.fdic.gov/edie/tutorial.html
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Old 12-01-2008, 05:33 PM   #2
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I've had an account with them for several years. No problems. Don't know what a GM bankruptcy would mean. They are FDIC insured.

Most people who use one yr. or longer CD's instead of a MM account might think that rates may go down. MM rates usually are the first to fall.
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Old 12-01-2008, 08:31 PM   #3
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We've had good rates with Capital One. They have on line MM fund with limited checks and ATM allowed at 3% right now, on line savings at 3.4%, and various CD's. Good rates and all FDIC insured. Easy online access and good paper statements each month as back up. Good luck...don't really have any experience with GMAC bank but when we looked at them in the past seems as if Capital One Bank had slightly better terms and conditions.
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Old 12-01-2008, 10:39 PM   #4
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I TRIED setting up an account with them and they denied my application.

I have accounts with many other brokerages and banks so I figure it's them not me.

So I wouldn't recommend them!

Jim
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Old 12-01-2008, 10:40 PM   #5
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Also as Movingtothecove was saying I set up an account with Capital One and I had no problems at all.

Jim
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Old 12-01-2008, 10:48 PM   #6
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We just set up a 5 year CD ladder with them. Smooth sailing so far.
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Old 12-02-2008, 12:33 AM   #7
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Had no problems setting up a CD account with GMAC bank. Seemed quite professional and good at online remote customer service.
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Old 12-02-2008, 03:47 AM   #8
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Bloomberg.com: U.S.

GMAC Puts Individuals After Institutions in Bond Plan (Update2)
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Old 12-02-2008, 08:05 AM   #9
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I think they are too shaky right now. Even if I am FDIC insured, it's not worth the hassle/worry for another 25 basis points of interest IMO.

I'm checking out Capital One now...........

Thanks for all the info! This forum is a great resource!
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Old 12-02-2008, 08:22 AM   #10
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Quote:
Originally Posted by Tadpole View Post
Bloomberg.com: U.S.

GMAC Puts Individuals After Institutions in Bond Plan (Update2)
this has nothing to do with GMAC bank and the main reason SmartNotes aren't in the plan is time. GM doesn't have the time to let people think on this for a few weeks or even track everyone down. a lot easier to negotiate with a few large institutions
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Old 12-02-2008, 09:25 AM   #11
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I have had success with Orange Direct.
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GMAC
Old 12-02-2008, 04:20 PM   #12
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GMAC

I've been a customer of GMAC for years and have been more than pleased with their services. I've had car loans, leases and currently have a money market account with FDIC backing. I just rolloed over my 401k account into a Fidelity five year CD at 5% (I would have gone 7 year for 5.4 but my wife balked at 7years). My point is that I almost went with a GMAC CD. Good company and easy to deal with. GM owns less than 50 percent now. The majic word is FDIC insured. GMAC is a bank and has nothing to do with the status of General Motors.
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