Progress with Capital One Online Savings and GMAC Bank Online Savings

The two small verification deposits from Capital One Online Savings showed up in my Fidelity brokerage account overnight, so I was able to complete the account linking verification step and initiate a first small transfer to see how everything is working before transferring a larger pile of money. The verification deposits were 32 cents and 41 cents. That is money I get to keep. I expect to fund this account next week.

I am still waiting for the verification deposits from GMAC, but they were initiated a day later than Capital One. They will probably go through tonight, so I will then do a small test transfer tomorrow, and then transfer a larger pile of money next week.

GMAC is still showing a rate of 3.68% (3.75% APY) with no minimum.

Capital One Online Savings is showing a rate of 3.34% (3.40% APY), but with a $10,000 minimum. Less money will get wou 2.40% APY.

Both of these accounts have FDIC protection, even if GM and GMAC were to go bankrupt.

Fidelity Money Market fund (SPRXX) is down to a 7-day yield of 2.59%.

-- Jack Krupansky