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Short Term CD Rates Up Slightly at GMAC Bank

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All of GMAC Bank's CDs with terms of 24 months and shorter had an yield increase of 0.05% today. The highest yield is now 5.40% APY for terms of 1 year and 2 years. Terms from 3 to 5 years remained at 5.35% APY. In the past GMAC has generally kept its long term rates at least a little above the short term rates. The yield inversioin is becoming more apparent. Below is the full list of rates and the changes:

GMAC Bank Certificate of Deposit Rates:
Term Old APY New APY Change
3 months 4.85% 4.90% +0.05%
6 months 5.20% 5.25% +0.05%
9 months 5.15% 5.20% +0.05%
12 months 5.35% 5.40% +0.05%
18 months 5.30% 5.35% +0.05%
2 years 5.35% 5.40% +0.05%
3 years 5.35% 5.35%
4 years 5.35% 5.35%
5 years 5.35% 5.35%

There was no change in the rate of GMAC Bank's money market account. It has remained at 4.75% since April 21st when the APY increased from 4.70% to 4.75%.

Refer to my last week GMAC post for more info on their CDs.
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