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GMAC Bank Money Market SavingsRates and Account Review Last Update: March 27, 2009
EDITOR'S NOTE: As of 5/15/09, GMAC Bank is now Ally Bank.
Yield Trend
Account Features
Account Review
The Money Market Savings account came out during the heart of the Online Savings Account boom and differentiated itself from competitors HSBC Direct, ING Direct, and Emigrant Direct by offering higher yields for only slightly higher balances. It took $50 to open and $500 to earn the best yields.
Since then, GMAC has been caught-up in the mortgage bust and this account has not been in the position to offer the highest yields, but yields have remained respectable.
The Money Market Savings account offers more withdrawal options than its high-yield competitors by giving savers both checks and a check card (both of which are common items with money market accounts and normally are lacking on savings accounts). Plus, to prevent the check card from being a useless option for people who do not live close to a GMAC ATM, GMAC Bank will refund non–GMAC Bank ATM charges.
Most money transfers, however, will be conducted through the “linked account” system that is standard with Online Savings Accounts. When savers sign-up for the account, they will “link” their current checking account to the Money Market Savings account. This link makes transferring money electronically to and from the Money Market Savings account a one mouse-click procedure. GMAC Bank allows up to six account to be linked.
The Money Market Savings account used to have a minimum balance requirement and monthly fee to worry about, but they have been dropped.
One thing to worry about for many savers is the threat of receiving a hard credit pull at account opening. This could result in the lowering of the person's credit score. However, credit checks may have changed from a hard pull to a soft pull. Soft credit checks serve to verify personal identity and does not affect a person's credit score.
More Accounts from GMAC Bank
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