Short Term CD Rates Up Slightly at GMAC Bank

All of GMAC Bank's CDs with terms of 24 months and shorter had an yield increase of 0.05% today. The highest yield is now 5.40% APY for terms of 1 year and 2 years. Terms from 3 to 5 years remained at 5.35% APY. In the past GMAC has generally kept its long term rates at least a little above the short term rates. The yield inversioin is becoming more apparent. Below is the full list of rates and the changes:

GMAC Bank Certificate of Deposit Rates:
Term        Old APY    New APY  Change
3 months    4.85%      4.90%    +0.05%
6 months    5.20%      5.25%    +0.05%
9 months    5.15%      5.20%    +0.05%
12 months   5.35%      5.40%    +0.05%
18 months   5.30%      5.35%    +0.05%
2 years     5.35%      5.40%    +0.05%
3 years     5.35%      5.35%
4 years     5.35%      5.35%
5 years     5.35%      5.35%

There was no change in the rate of GMAC Bank's money market account. It has remained at 4.75% since April 21st when the APY increased from 4.70% to 4.75%.

Refer to my last week GMAC post for more info on their CDs.