In this article we look at GMAC Savings and go over some of the options available to GMAC customers. Please note GMAC Bank is now known as Ally Financial Inc.
Let us face it, banks which offer high-yield savings accounts are seldom found these days, simply because the market has practically been commoditized. Whoever offers the best rate at the time will greatly draw the majority of new customers.
There are really so many different options for you in to which to place your savings that it makes it a rather complex process to choose between them. All you can do is read reviews of all of the different banks and hope that you will be able to make reasonable comparisons. Today we are going to take a look at GMAC Bank Money Market savings account and have a closer look if it is worth considering as your savings account.
GMAC stands for General Motors Acceptance Corporation and is the financial services arm of General Motors. GMAC Bank along with its other sister companies are all subdivisions of ResCap Holding. Presently, the company has 39,000 employees and revenues of $19.2 billion every year. The GMAC Bank Company itself was only established in 2001. With its entire sister companies, it is quite a large organization.
The money market account that they offer is very much the same to accounts offered by other banks. At present, the bank offers a good percent APY rate of return on money so have a look to see what they currently offer. Their savings accounts are fairly competitive in today’s present market. It is one of the best rates available, but certainly not the highest. Like any other online savings banks, your money is also FDIC insured (Federal Deposit Insurance Corporation).
The major benefit one can get from GMAC Bank’s money market savings account is that the bank offers its account holders a debit card to withdraw money whenever they need to. In addition to this, they will refund up to $6 a month in ATM fees that other banks collect to you for using their ATM. So if you make just a few transactions in a month, you can use the card anywhere and get free ATM service. Moreover, GMAC Bank’s account holders get free check writing privileges, and get a first order of 50 checks free of charge. This is very beneficial for anyone who likes to use the account as an emergency fund certainly because it makes the money a lot easier to withdraw.
Bank Rate gives GMAC Bank a 4 star rating when it comes to customer service. Most people who have shared their online experience have had positive feed backs. A lot of online-only banks have offered consumer service that is a bit lacking, but GMAC Bank appears to be fairly solid in terms of customer service.
If you need fast access to your money, GMAC Savings is a very good choice because it gives its customers check writing privileges and a debit card. If you wish to find out anymore detail on GMAC savings then be sure to check out the official site for the latest terms and conditions and current rates.