GMAC Bank Money Market Savings Rate Now 5.30%

GMAC Bank raised the rate on its Money Market Savings Account today from 5.25% to 5.30% APY. The last rate change on this Money Market Savings Account was on October 6th when GMAC raised the rate from 5.00% to 5.25% APY. This rate requires a minimum balance of $500. Below $500, there's up to a $7.50 monthly fee.

For those who have been hit by E-LOAN's transfer problems, GMAC Bank may be a good alternative. The savings account rate isn't as high, but GMAC Bank has a history of being competitive. Some advantage of GMAC over E-LOAN include check writing (first 50 checks are free), ATM card and a much better ACH transfer system that's not limited to one external account. For more information on this money market account, please refer to my GMAC Money Market Account review post.

GMAC Bank's CD rates also increased today on all terms except the 3-month term. The rates are still way below their July highs. Below shows the CD rate evolution over the last two months:

GMAC Bank Certificate of Deposit Rates:
                    Annual Percentage Yield
Term        9/15    9/29   10/06   10/13   11/03   11/10
3 month    4.95%   4.95%   5.25%   5.25%   5.25%   5.25%
6 month    5.00%   4.95%   5.30%   5.35%   5.30%   5.35%
9 month    5.30%   5.20%   5.30%   5.35%   5.25%   5.35%
12 month   5.35%   5.25%   5.30%   5.40%   5.25%   5.30%
18 month   5.30%   5.20%   5.30%   5.30%   5.15%   5.20%
2 years    5.30%   5.20%   5.15%   5.30%   5.15%   5.20%
3 years    5.30%   5.20%   5.15%   5.30%   5.15%   5.20%
4 years    5.30%   5.20%   5.15%   5.30%   5.15%   5.20%
5 years    5.35%   5.20%   5.20%   5.35%   5.15%   5.20%

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