CD Deals Summary
Fed Meeting: Another 25-bp Rate Hike - Strategies for Savers
Fed Meeting Preview and Deposit Rate Forecast - March 15, 2023
Silicon Valley Bank Is Shut Down - Second Largest Bank Failure in HistoryGMAC Bank's Money Market Now 5.05% and New Higher CD Rates
CommentsPost a Comment
POSTED
ON BY Ken Tumin
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:
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.
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.