GMAC Bank

[Allegany]

Does anyone have experience with GMAC bank. They are currently paying 5.3% on a MM account with check writing priviledges.

[maddythebeagle]

GMAC Bank - an internet bank with good rates on money market and CDs

I have an account with them and decent customer service...

[2B]

Make sure you get the FDIC account. GM and other companies have money market accounts backed by the company. I wouldn't want to be an unsecured creditor of GM. I think they are doomed and will go under when the UAW drives them into the ground. I doubt that the UAW learned anything from the steel workers' union.

[lets-retire]

Quote:

Originally Posted by 2B Make sure you get the FDIC account. GM and other companies have money market accounts backed by the company. I wouldn't want to be an unsecured creditor of GM. I think they are doomed and will go under when the UAW drives them into the ground. I doubt that the UAW learned anything from the steel workers' union.

Since GMAC was sold off, are they still backed by GM?

[Mysto]

GMAC Bank is FDIC and secure. I've had a good experience with them. Please note that it is a savings account and the number of monthly transactions is limited.

[Letj]

Quote:

Originally Posted by Allegany Does anyone have experience with GMAC bank. They are currently paying 5.3% on a MM account with check writing priviledges.

Yes, I was very happy with their service. I deposited quite a bit a money that I didn't need for about a year and earned 5.32% for a 1 year CD. I've since taken that money and moved it to INGDirect. That seemed to be a much smarter move for me since I can touch the money at anytime and still earn 5.30% (this is the regular rate for $100K deposit or more, not a CD rate; it's worth checking out).

[Bikerdude]

I park money at GMAC and move it via EFT to my checking account at Schwab when needed. Works fine.

[megacorp-firee]

We had a CD for DW at GMAC. Worked fine. Good customer service via web. No muss, no fuss.