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New Rates at GMAC Bank: 4.75% Money Market / 5.10% 6-Month CD


GMAC Bank raised the yield on their Money Market Savings Account from 4.70% to 4.75% APY today. The CD yields on several terms also increased. The largest increase was in the 6-month CD which increased from 5% to 5.10% APY. Below are the full list of old and new certificate of deposit rates:

CD Term Old APY Old APY New APY Latest
4/07/06 4/14/06 4/21/06 Change

3 months 4.80% 4.80% 4.80%
6 months 5.00% 5.00% 5.10% +0.10%
9 months 5.05% 5.05% 5.13% +0.08%
12 months 5.20% 5.20% 5.25% +0.05%
18 months 5.20% 5.20% 5.25% +0.05%
2 years 5.20% 5.25% 5.25%
3 years 5.25% 5.25% 5.25%
4 years 5.25% 5.30% 5.30%
5 years 5.25% 5.30% 5.30%

GMAC Bank has been doing a good job at consistently increasing their deposit rates similar to the consistency of Corus Bank. The advantage over Corus Bank is that GMAC offers competitive CD rates on longer terms. Also, the minimum is only $500 vs. $10K at Corus. Another advantage of GMAC is their fast and simple ACH system for transfering funds to and from external banks and the money market account. Their main downside seems to be a hard inquiry on your credit report when you open an account. Refer to this post for GMAC Bank's last rate change.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.