GMAC Bank Rasies Savings Rate to 5.30% APY

GMAC Bank has raised their savings and CD rates today. They raised their online savings account rates from 5.25% to 5.30% APY. GMAC offers an ATM card, check writing and ACH transfers.

Interest Rates Falling

Interest rates have been falling. E-Loans great 5.75% CDs gone with lower and tired rates. World Savings has no impressive rates or terms. Citibank, Bank of America rates are disappointing. But with the trend of falling rates, try to lock in the highest rate and term that meets your needs. I think I made a mistake giving up on some 6.00% CDs thinking rates might go higher a while back.

Making minimum? You just got a raise - MSNBC Article

Election day was something. I was up until 3 AM flipping through channels as the votes unraveled and looks like Virginia the deciding vote went to the Democrats giving them the majority in the Senate and the House of Representatives. This says something about the Republican Party and President Bush. He said something like this on TV, " I thought we were going to do just fine yesterday, but this shows what do i know.." I think that's what he said or something to that effect.

Back to the minimum wage issue:

"Tuesday's election means more money for minimum-wage earners in several states. Voters there increased the rates above the federal standard of $5.15 an hour." ...... "

"$7.25 high on Democratic agenda"

Read the entire article Here

E-LOAN Savings Update II

I finally got a reply from them and this is what it said:

"Thank you for your message.
Interest is calculated using the daily balance method and credited on the monthly anniversary.
For example: If you opened your account on October 24th, the interest would post the 24th of every month. Please reply to this message or call (866) 576-7283 with any questions. Thank you."

E-LOAN Savings Update

I still have not received a response from them. I contacted them via their secure messaging service twice. According to Banking Guy,

"It turns out that your account balance is updated monthly from your anniversary date of your account opening. I opened the account on October 2nd and I my account was credited with interest yesterday on November 2nd. However, electronic statements are issued at the end of each month. On the statement, you'll see interest credited up to the end of the month. On the monthly anniversary, that month of interest will be credited to your account and will be shown on your account page."

I guess that solves the mystery. E-Loan has a long way to perfect their website as there are many issues with it. It's very amateurish if you will. But I can't complain when they have a 5.50% APY !