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GMAC Bank Money Market 4.80%, 12-Month CD 5.45%

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GMAC Bank finally raised the yield on their Money Market Savings Account. The new APY is 4.80%, up from 4.75%. The money market rate had remained at 4.75% since April 21.

GMAC's CD rates also increased. The APY on the 1-year CD is up from 5.40% to 5.45%. The APY on the 3-month moved up from 4.90% to 5.00%. Below is the full list of CD rates along with the old rates.

GMAC Bank Certificate of Deposit Rates:
Term Old APY New APY Change
3 months 4.90% 5.00% +0.10
6 months 5.25% 5.25%
9 months 5.20% 5.25% +0.05
12 months 5.40% 5.45% +0.05
18 months 5.35% 5.40% +0.10
2 years 5.40% 5.45% +0.05
3 years 5.35% 5.45% +0.10
4 years 5.35% 5.45% +0.10
5 years 5.35% 5.45% +0.10

Last Friday GMAC also increased CD rates slightly. For more information on opening a GMAC Bank CD, please refer to this post.
Comments
Rammesh
Rammesh   |     |   Comment #1
Thanks for the info.. Now I am tempted to open CDs with GMAC. Do you know if they do a hard-pull on credit for opening CDs?

Thanks
Banking Guy
Banking Guy   |     |   Comment #2
I'm not sure. I've heard they do a hard credit pull on initial account opening through TransUnion. But I'm not sure about CDs. I'll check into this.

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