I am currently considering a place to store our emergency fund. I am looking at:
While doing my comparison shopping, I found out:
GMAC – The GMAC High Interest Money Market Account currently pays 4.75% and as long as you keep at least $500 in the account there are no monthly fees. I also like the fact that you have access to your money via checks and a check card.
HSBC – The HSBC Online Savings Account currently pays 4.8%. However, it looks like this is a promotional rate that expires on 4/30 (TODAY) so I don’t know what the new rate will be. I do like the fact that there are no account fees and that an account can be opened with as little as $1. Quick question: who opens an account with only $1?
ING Orange – ING Direct offers the ING Orange Savings Account. Of the four banks that I looked at, ING’s yield was the lowest at 4.15%. However, ING Orange has been around a long time and has a good reputation, which counts for something I guess. And, since we are talking about a relatively small amount of money I don’t think their lower rate is a deal killer.
Emigrant Direct – Emigrant Direct’s American Dream Savings Account seems to have a special place in the hearts of personal finance bloggers. Their account currently pays 4.5%, which is pretty good. Emigrant does not have account minimums or fees.
Now, I need your help. Do any of you have an account at GMAC Bank? I’m seriously considering opening an account with them. What do you guys think?