GMAC Bank is offering a high interest online savings account that currently has an annual percentage yield (APY) of 2.50% which is well above the national average for a savings account.

The savings account annual percentage yield is accurate as of 3/20/2009.

Besides offering a competitive savings account rate, there is no minimum balance requirement and the minimum open deposit is only $1.00.

There are no monthly fees on the account and you can transfer money to external bank accounts free of charge.

In December 2009 GMAC received $5,000,000,000 in funds from the U.S. Department of Treasury’s Troubled Asset Relief Program (TARP).