GMAC Bank's Money Market Savings Account @ 4.61%

Back in November, I blogged about a savings account with an unbelievable rate of return. I have since been enlightened and educated. While several online only savings accounts continue to crop up, GMAC Bank has their rate currently at 4.61% and seems to be holding their leader status since I heard about them in January. Their rate in January was 4.21% and in just a few short months they've already bumped the rate four tenths of a percent. The APY (Annual Percentage Yield) will always be slightly higher and assumes you will leave every penny you have in the account today for the entire year.

Sorry Emigrant, but GMAC has you beat on two fronts: Interest Rate and the usability of their web site. The look and feel of a web site can make a huge impression on a user about the validity and quality of service they can expect from a company or bank in this case.

I only have a few complaints about GMAC:

1. If you have no home telephone, they require you to fax in your latest cell phone bill to prove you are not a terrorist because the Patriot Act requires it. Now for some reason Emigrant didn't seem to care that I didn't have a home phone. I found this out only after spending about half an hour filling out their application online. I got to the very end and lost everything because there I was not able to be verified. Please call customer support. Well I finally called customer support and they had no knowledge that I ever attempted to fill out an application. This leads me to complaint number two.

2. The two or three times I have called customer support has been within last hour of their day. Wait times have ranged from 25 minutes (I almost hung up!) to a whopping 45 minutes (you would think I really wanted to hang up by then). But I stayed on because I wanted the better rate. After I was officially awarded an account I haven't had to call them since. All that said, maybe times have changed and they have improved their response time.

So far I've earned $20 in the past two months and I'm a happy camper knowing some of my money is working for me not me working for money although I do that on a daily basis! Please, let me know what you think if you're a current customer.