Online Savings Account
If you’re looking to earn a higher rate than a traditional savings account, but still want easy electronic access to your money, this may be the account for you:
* Offers a higher yield than most traditional savings accounts or money market savings accounts.
* Includes easy online access to your funds through electronic funds transfer.
* Offers up to six withdrawal transactions per statement cycle.
* Requires only a $1 minimum deposit, and no minimum balance thereafter.
* There are no monthly service fees.
* FDIC-insured up to $250,000 per depositor.
Money Market Savings Account
Want high yields, easy access to your funds, plus the flexibility of checks and a check card? Then this account could be right:
* Offers a higher yield than most traditional savings accounts.
* Access your money easily through electronic funds transfer, checks and a VISA®Check Card.
* Offers up to six withdrawal transactions per statement cycle, three of which may be checks or check card transactions.
* Requires only a $1 minimum deposit, no minimum balance thereafter.
* There are no monthly service fees.
* FDIC-insured up to $250,000 per depositor.
Certificate of Deposit
If you can afford to lock your money away for anywhere from three months to five years, you’ll earn even higher interest rates than a Money Market Account:
* Offers a higher yield on deposit than a savings, checking or Money Market account.
* The longer the term, the higher the yield.
* The CD’s fixed rate makes it immune to market fluctuations.
* Requires a $500 minimum investment
* Money is not accessible (without a penalty) until the term has expired.
* FDIC–insured up to $250,000 per depositor.
Right now GMAC Bank is offering fantastic rates for these savings products.
2.25% APY for Online Savings Account
1.90% APY for Money Market Savings Account
2.65% APY for Certificate of Deposit
