sikLakers
03-17-2009, 12:20 PM
I am looking for a higher rate for my online savings. My ING account rate has dropped to 1.65. I found one from GMAC for 2.50 but can I trust something that is owned by GM? I know they are on the brink of bankruptcy and I just feel uneasy about giving a company my money. Can someone help me find one with a trusted bank. Thanks
iamjfarrell
03-17-2009, 01:58 PM
I opened an etrade account. it is at 2.5 APY but actual APR right now is like 2.45 or something. I heard suntrust is doing a deal with 2% and if you keep it in for a year you can get an extra 2%, but I think that is B&M
raytseng
03-17-2009, 06:50 PM
GMACbank is associated with GMAC. But GMAC is not owned or run by GM the car company anymore, it got sold.
Regardless of whether it is related to the car maker, it seems any bank may be in trouble these days, including the other banks the other people have posted above.
GMACbank is FDIC insurred so you should feel as confident as your faith the US Federal Government. (unless you have more then $250K). If you think the government is going to go under though, perhaps its time to stock up on guns, ammo, and gold bricks.
Btw, Fatwallet keeps a pretty updated chart of highest APY rate insured banks at their site (in the finance forum->stickies section).