Anyone can take advantage of this online high yield savings rate as the minimum deposit required is only $1.

There are benefits in maintaining an online savings account. First, is that you’ll have access to your money 24 hours a day seven days a week. Second, GMACs rate offer doesn’t require a minimum balance. Third, there is no monthly fee and lastly, you can move funds with ease as it comes with a free online transfer to existing external bank accounts. Best of all, with online banking, you’ll be able to help save the environment as well.

Deposits are FDIC insured up to the maximum permitted by law.

Update 1: GMAC Bank is now Ally Bank

GMAC Bank is now Ally Bank. GMAC Bank, a subsidiary of GM, changed its name probably as a result of GM’s bankruptcy filing. With its name change comes with a change in the way they conduct business. GMAC Bank, now operating as Ally Bank, doesn’t require a minimum deposit and no monthly fees. Ally Bank current online savings account rate is 2.05%APY.

Update 2: Ally Bank online savings account rate as of July 31, 2009 is 1.75%.

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