GMAC Bumps Up Money Market Account and CD Rates

POSTED ON FRIDAY, MARCH 10, 2006 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:


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.

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2 Comments.

easy e | Mar 10, 2006 | Comment #1

Amen. Finally somone talking about GMAC. Everyone seems to be in love with ING and HSBC, they all forget about GMAC because it has a $500 minimum. Well, I have all those accounts and Emigrant, and I must say that GMAC is the best.

Banking Guy | Mar 10, 2006 | Comment #2

Thanks for the info! GMAC continues to impress me. Any experience with opening CDs at GMAC? One thing that I like about ING is how easy it is to open CDs. The only problem is the low CD rates.

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