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APR vs. APY: What’s the Difference?Slight Rise in GMAC Bank CD Rates
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ON BY Ken Tumin
GMAC Bank made some modest increases to its CD rates today. The highest APY is 5.60% for CD terms of 2 to 5 years (an increase of 9 basis points). The 12-month APY went up by 10 basis points from 5.46% to 5.56%. The 6-month CD rate increased by only 0.05% to 5.35% APY. GMAC's Money Market Savings Account remains at 4.80% APY. The last change to the money market rate was on June 9th.
I was hoping for a bump in the money market rate and CD rate hikes to at least match the rate hikes at UmbrellaBank last Tuesday. GMAC Bank just edges out UmbrellaBank's 1-year CD APY by one basis point. However, UmbrellaBank still has the lead on the shorter term CDs.
Below is the full list of CD yields along with the old yields.
For more information on opening a GMAC Bank CD, please refer to this post.
I was hoping for a bump in the money market rate and CD rate hikes to at least match the rate hikes at UmbrellaBank last Tuesday. GMAC Bank just edges out UmbrellaBank's 1-year CD APY by one basis point. However, UmbrellaBank still has the lead on the shorter term CDs.
Below is the full list of CD yields along with the old yields.
GMAC Bank Certificate of Deposit Rates:
Term Old APY New APY Change
3 months 5.00% 5.06% +0.06
6 months 5.30% 5.35% +0.05
9 months 5.30% 5.40% +0.10
12 months 5.46% 5.56% +0.10
18 months 5.46% 5.56% +0.10
2 years 5.51% 5.60% +0.09
3 years 5.51% 5.60% +0.09
4 years 5.51% 5.60% +0.09
5 years 5.51% 5.60% +0.09
For more information on opening a GMAC Bank CD, please refer to this post.