Savings: GMAC/ Dollar Savings Direct

[reeses16 8]

Ever since my bank was bought out, the interest has been creeping lower. It was 4%, now its 2% and I figure it will continue until it reaches the 0.10% - the rate that new bank offers its own customers. So I've been looking around and I'm curious to hear if anyone has experience with GMAC (3.75%) or Dollar Savings Direct (4%).

GMAC: http://www.gmacbank.com/index.html

Dollar Savings Direct: https://www.dollarsavingsdirect.com/DollarS...ctWeb/index.jsp

[mawilson 2,133]

I'd go with Dollar Savings. Both are FDIC-insured, but Dollar has a higher APY and it's

an online division of a real brick-and-mortar bank (Emigrant Savings Bank - the oldest

savings bank in New York City), whereas GMAC will probably go out of business pretty soon.

[DairyFarmer 1]

I personally am a fan of ING Direct having used them in both Australia and the UK before the US.

I am not providing financial advice, just anecdotal personal experience.

Edited December 12, 2008 by DairyFarmer

[EstebanTrabajos 7]

we r with USAA

[payxibka 10,047]

I'd go with Dollar Savings. Both are FDIC-insured, but Dollar has a higher APY and it's

an online division of a real brick-and-mortar bank (Emigrant Savings Bank - the oldest

savings bank in New York City), whereas GMAC will probably go out of business pretty soon.

I have an account with DSD and an happy so far... They currently do not offer checking accounts, and only your first deposit can be via check, otherwise you need to "link" a checking account at another financial instituition to it for money movement. The only recently rolled out a CD product.

I do not know if GMAC bank will suffer the misfortunes assocatiated with GMAC or not... regardless as long as the FDIC is solvent, their should be no particular difficulty if something catastrophic happens to them

Parent company ING is reportedly having difficulty as well, and required intervention by the Dutch governemnt... Again, unsure how that will affect its US based ING Direct banking operation which is insured by the FDIC.

[Ban Hammer 13,619]

we r with USAA

a very good choice.