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Coronavirus Stimulus Package Includes Limited FDIC Coverage ExpansionGMAC Bumps Up Money Market Account and CD Rates
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ON BY Ken Tumin
GMAC Bank hasn't done any fancy promotions like ING Direct or HSBC. But it has consistently raised its money market account and CD rates to remain near the top of the rate leaders. GMAC did some more small rate increases today. The money market account now pays 4.65% APY up from 4.60%. The 6-month CD is getting very close to 5%. It's now 4.92% APY up from 4.80%. The 1-year CD increased from 5.05% to 5.10% APY. Below is the full list of certificate of deposit rates:
It has been just about two weeks since GMAC's last money market rate hike. Around February 11th, GMAC Bank was one of the first major online banks to offer a 5% one-year CD.
Term Interest APY
3 months 4.45% 4.55%
6 months 4.80% 4.92%
9 months 4.83% 4.95%
12 months 4.97% 5.10%
18 months 4.97% 5.10%
2 years 4.97% 5.10%
3 years 5.02% 5.15%
4 years 5.02% 5.15%
5 years 5.02% 5.15%
It has been just about two weeks since GMAC's last money market rate hike. Around February 11th, GMAC Bank was one of the first major online banks to offer a 5% one-year CD.
