GMAC ONLINE SAVINGS RATE: 5.25%

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.

Inbox Dollars Update

So far in less than a month I have made $22.42 for doing absolutely nothing...well just some surveys, and signing up for survey sites etc. Take a look, read more about it under the "Making Money Online" category. Or click here
Here is a snapshot of my InboxDollars Account:


To join follow this link:

September Net Worth Update

Since September was the first month I truly started tabulating my net worth here is a mini snapshot. I have never in the past 2 years saved that amount in 1 month! I made a budget and tried hard to stick to it. I went over my budget but not by that much. The net worth shown is the actual money I have minus the credit card debt and student loans. It also includes the $2250 401 K and Roth IRA contributions.


Here is a look at where most of my money went (Click on it to see it in detail):

Save A Little... Live A Little

Now that gas prices have developed a downward trend, be it politics or the abundance of supply, save! You can save a lot by trimming a few dimes here and a few dollars there. For example, log your gas purchase at the highest rate you can remember. Reason your daily purchases. Is $5 - $10 a day wise for eating out? Try buying ready to eat meals at a grocery store and take those for lunch. Using the "drive thru" at McDonald's or Wendy's to eat at home? Don't by the pricey sodas. Just think around $1.50 for a soda at McDonald's compared to less than$0.50 at home if you buy soda in bulk as cans or bottles. Think smart, save smart but still enjoy life. I am not saying that you should just stop spending but just reason each impulse buy or daily purchases that you make. Think about it! If you average saving even $3 a day that adds up to $90 a month! Then if you are earning 5.50% interest on it! Hallelujah!

Time For High Yield Savings Rates To Go Down?

Emigrant Direct's rate went down from 5.15% APY to 5.05% now matching HSBC Direct. ING DIRECT remains at 4.40% and Citibank at 5.00%. With interest rates falling on CDs and savings accounts you might want to consider parking your money in a CD that is paying at least 5.50% or higher.

As mentioned in the earlier post, E-LOAN's high yield savings account is paying a 5.50% on balances over $5000 and 5.25% for balances below that. Please refer to that post here.