GMAC Money Market Now 4.90%, Higher CD Rates

GMAC Bank didn't follow HSBC and EmigrantDirect's savings account rate increase to 5%+, but it did make a 0.10% increase to 4.90% APY on its money market savings account. The last change to the money market rate was on June 9th. For most of this year, GMAC Bank has just gradually increased the money market rate by no more than 0.05% at a time. However, back in late February it did make a large 0.30% increase of the rate from 4.30% to 4.60%. Unfortunately, there's no repeat of that today. Perhaps, we'll see more small increases in the rate over the next several weeks. Hopefully, it won't go into the mode of just being "good enough" in which a bank keeps rates just high enough so customers don't see enough benefit in moving their money.

GMAC also made some modest increases to the yields of all of the CD terms, which puts it inline with the competition. Below are the full list of new and old yields:

GMAC Bank Certificate of Deposit Rates:
Term       Old APY    New APY   Change
3 months    5.06%      5.10%     +0.04
6 months    5.35%      5.40%     +0.05
9 months    5.40%      5.45%     +0.05
12 months   5.56%      5.65%     +0.09
18 months   5.56%      5.60%     +0.04
2 years     5.60%      5.65%     +0.05
3 years     5.60%      5.65%     +0.05
4 years     5.60%      5.65%     +0.05
5 years     5.60%      5.65%     +0.05

For more information on opening a GMAC Bank CD, please refer to this post.