GMAC Bank Money Market Savings Account Review
How the GMAC Bank Account Stacks Up
GMAC Bank, part of the General Motors organization, has an online savings account worthy of review. GMAC Bank raves about how they keep costs low and pass the savings on to you.
Note: In May of 2009, GMAC Bank changed to Ally Bank.
- See the Ally Bank Review
Here's an unofficial summary of the GMAC Bank offering -- without rates because they constantly change. You should visit the GMAC Bank website and read all the fine print if you’re thinking of using their services.
The GMAC Bank Offer
GMAC Bank has a money market savings account with a some nice added features. The main attraction is the APY (Annual Percentage Yield). What sets this account apart from other online savings accounts? You have easy access to your cash – with checks, a debit card, and linked accounts.
The GMAC Bank account is technically a money market account. Among other things, this means that:
You are limited to six pre-authorized electronic fund transfers and telephone transfers, checks and point of sale transactions per statement cycle. Of these six transactions, you are limited to only three transactions by check or point of sale.
Highlights of the GMAC Bank Account
- $50 minimum to set up
- No periodic fees if your balance stays above $500 (GMAC Bank charges hefty fees if you fall below that amount, so be careful)
- FDIC Insured up to $100,000
- Check/Debit Card available
- 50 free checks from GMAC Bank (you’ll have to pay for reorders)
Is GMAC Bank Any Good?
I personally haven’t used the product. However, I’ve read a number of customer testimonials. The majority of customers had a great experience, but there are some inevitable bad experiences reported. The 2 factors that impressed me most were:
- Very fast setup at GMAC Bank
- Apparently no limit to the number of external linked accounts
It sounds like GMAC Bank is making it easy to test their product, and they’ll even make it easy to get your money out. This suggests that GMAC Bank is confident they’ll be able to keep your business.
GMAC Bank Pitfalls
At any bank, your return can decrease based on fees that you pay. GMAC Bank may charge fees for a variety of reasons – make sure you know what they are and how to avoid them. For example, there are fees for overdrafts, statement research, and additional checks. Keep this in mind as you evaluate any bank account.
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