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.