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GMAC Bank Raises Money Market Account to 4.60%

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GMAC Bank just raised the APY of its Money Market Savings account from 4.30% to 4.60%. I was surprised it took GMAC so long to make this latest rate increase. The last rate increase was done in December 10th when GMAC raised the money market APY from 4.10% to 4.30%. In the last five months, GMAC's money market rates have increased by 1.15% (from 3.45% to 4.60%). Before October, GMAC Bank had been in the bottom of the money market rate leaders. But since then, GMAC has remained very competitive.

Even though there has been some concerns with GMAC Bank, I see it praised for its quick and easy account opening and transfering of funds. Unlike HSBC, there are no days of lost interest.

GMAC Bank also made some modest increases to its short term CD rates. The 6-month CD increased from 4.75% to 4.80% APY. The 12-month CD increased from 5.00% to 5.05% APY. One thing I noted from the FW thread is that GMAC doesn't allow funding a CD from the money market account. The online options for funding a CD only include an ACH from a linked checking account, wire transfer or mail a check with a deposit slip.

Below are all of the latest certificate of deposit rates:

CD Term Rate APY Previous APY
3 months 4.35% 4.45% 4.40%
6 months 4.69% 4.80% 4.75%
9 months 4.71% 4.82% 4.75%
12 months 4.93% 5.05% 5.00%
18 months 4.93% 5.05% 5.00%
2 years 4.93% 5.05% no change
3 years 4.93% 5.05% no change
4 years 4.93% 5.05% no change
5 years 4.97% 5.10% no change
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