GMAC Bank Money Market 4.80%, 12-Month CD 5.45%

GMAC Bank finally raised the yield on their Money Market Savings Account. The new APY is 4.80%, up from 4.75%. The money market rate had remained at 4.75% since April 21.

GMAC's CD rates also increased. The APY on the 1-year CD is up from 5.40% to 5.45%. The APY on the 3-month moved up from 4.90% to 5.00%. Below is the full list of CD rates along with the old rates.

GMAC Bank Certificate of Deposit Rates:
Term        Old APY    New APY  Change
3 months    4.90%      5.00%    +0.10
6 months    5.25%      5.25%
9 months    5.20%      5.25%    +0.05
12 months   5.40%      5.45%    +0.05
18 months   5.35%      5.40%    +0.10
2 years     5.40%      5.45%    +0.05
3 years     5.35%      5.45%    +0.10
4 years     5.35%      5.45%    +0.10
5 years     5.35%      5.45%    +0.10

Last Friday GMAC also increased CD rates slightly. For more information on opening a GMAC Bank CD, please refer to this post.