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Series EE Savings Bond: Values and What to Know GMAC Bank's 12-Month CD at 5.35% - Update on CD Opening
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ON BY Ken Tumin
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%.
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.
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.