Friday, October 06, 2006


In a startling turn of events, GMAC BANK raised their savings account rates to 5.25% from 5.00% This is a big change considering GMAC had been reducing their rates weekly on CD's. A few good features about GMAC that I have mentioned before is that they offer check writing, check card, online transfers (faster than most banks) and have a history of higher rates than others. There is one downside, they require a $500 minimum balance. Apart from that this is a great account, I have been with them almost a year now and love it. Mostly because I can write checks and fund my checking account at BoA who credit me the amount next day and keep earning interest on the money till the check actually clears.

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