GMAC Bank Review
The GMAC bank, which is part of the General Motors organization has recently released an online savings account which should be reviewed. One of GMAC Bank's marketing points is how they are able to keep their costs low and pass the savings on to you. I won't be posting the rates here as they constantly change, so you should visit the GMAC bank website and read all the fine print if you're considering using their services.
The GMAC bank offers a money market savings account with a few extra features. Of course, the main attraction is the high Annual Percentage Yield. If you're wondering what sets the GMAC bank apart from other online offerings, it's the fact that you have easy access to your cash, no matter when you need it. GMAC provides checks, a debit card, and even links your account with an external banking account so you can transfer any funds you may need into your already established main account. Technically, the GMAC account is a money market account, so you're limited to six electronic fund transfers per statement cycle.
Here are the highlights of the GMAC Bank Account:
- $50 minimum to set up
- No periodic fees unless your balance drops below $500 (Heavy penalties if it does, so be careful.)
- FDIC insured up to $100,000
- Check/Debit Card Available
- 50 Free Checks
Many people have had great experiences with the GMAC bank, but it's offerings seem a bit out of place in today's world of online banking. Many institutions such as ING Direct and HSBC offer the same features with no fees, no matter what your balance is. Because GMAC offers easy access to your money via debit card, you might be willing to pay these fees. However, ING Direct and HSBC Direct are constantly improving their services and may plan to add debit card support in the future, as they already offer linked account support. If you're considering opening an online banking account and what the best deals with as little fees as possible, you should consider one of the alternatives to GMAC bank.
From what I've seen of the customer reviews of GMAC bank, the customer support is top notch. Those that have had problems with the bank have had them resolved quickly and politely with as much help as they needed. The set up seems to be very fast and there is apparently no limit to the number of external accounts you can have linked to your GMAC bank. However, just as with real world banks, GMAC has hefty penalties involved if you fall below certain limits. You should know these requirements fully so you can avoid them. GMAC Bank charges fees for overdrafts, statement research, and ordering additional checks. Keep these fees in mind as you evaluate GMAC Bank if you're considering opening an account and remember my previous advice concerning ING Direct or HSBC Direct.
Originally posted 2008-10-01 16:57:54.
Related Posts
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
