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GMAC Bank's Money Market Now 5.05% and New Higher CD Rates


GMAC Bank's Money Market Savings Account finally broke 5% today. The new rate is 5.05% APY which is up from 4.90% APY. Last Friday GMAC Bank increased the money market rate from 4.80% to 4.90%. When other banks like HSBC and Emigrant were making a big rate bump to 5%-plus, GMAC seemed to prefer to break up the increase over two weeks. Except for a late February 0.30% rate bump, GMAC seems to prefer a gradual increase. Nevertheless, it's good to see GMAC staying competitive. Even though a few banks like UmbrellaBank have a small lead, GMAC's advantages like a quick and easy-to-use ACH transfer system along with check writing make it hard to justify moving your money for a little higher rate.

GMAC also made increases to some of its CD rates. The 3-month CD is now 5.20% APY and the 6-month CD is 5.50% APY. There were no changes in the longer maturity CDs except for the 5-year CD which had a slight 0.05% rate bump to 5.70% APY. With a 6-month CD paying 5.50%, it's hard to justify an extra 0.20% of interest for a term that's 10 times longer. Below is the full list of new and old yields:

GMAC Bank Certificate of Deposit Rates:
Term Old APY New APY Change
3 months 5.10% 5.20% +0.10
6 months 5.40% 5.50% +0.10
9 months 5.45% 5.50% +0.05
12 months 5.65% 5.65%
18 months 5.60% 5.60%
2 years 5.65% 5.65%
3 years 5.65% 5.65%
4 years 5.65% 5.65%
5 years 5.65% 5.70% +0.05

For more information on opening a GMAC Bank CD, please refer to this post.
Thanks to Steve who mentioned this rate update in the finding deals post.

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