Popular Posts

GMAC Bank's 12-Month CD at 5.35% - Update on CD Opening


There wasn't much change today in GMAC Bank rates. Only the rate of the 12-month CD increased today. It went from 5.30% to 5.35% APY. All other rates remained unchanged including the rate on their money market account. The last money market account rate increase was on April 21st when the APY increased from 4.70% to 4.75%.

GMAC Bank Certificate of Deposit Rates:
Term Old APY New APY Change
3 months 4.85% 4.85%
6 months 5.20% 5.20%
9 months 5.15% 5.15%
12 months 5.30% 5.35% +0.05%
18 months 5.30% 5.30%
2 years 5.35% 5.35%
3 years 5.35% 5.35%
4 years 5.35% 5.35%
5 years 5.35% 5.35%

The last CD rate change was on May 19th.

Update on My GMAC CD experience

In last week's post I described my experience opening a GMAC CD. I just received a welcome package for the CD in the mail which includes a signature card to be sent back (along with a postage paid envelope). One thing to note if you fund the CD with money from your GMAC money market account, the debit counts against the 6 transaction per statement limit.

As I mentioned in the previous post, it didn't seem like GMAC had a CD management system like what ING Direct has which allows you to easily close out a CD online. From information I received from GMAC, requests to close a CD have to be made by e-mail, standard mail or by phone. I assume by e-mail, they mean the secure message system that's available when you log in to your account. A secure message system is one feature that ING Direct lacks.
  |     |   Comment #1
gmac raise rates abit with:
3-9m 5.35%
12m 5.40%
18m and up 5.30

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.