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GMAC's Money Market Account Now 5.10%, But CD Rates Drop

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GMAC Bank increased the rate on its Money Market Savings account from 5.05% to 5.10% APY today. This follows a 0.15% rate bump two weeks ago. Although the money market rate increased, most CD rates were lowered. The 1-year CD now only earns 5.50% APY (down from 5.65%). Below shows how the CD rates have changed:

GMAC Bank Certificate of Deposit Rates:
Term Old APY New APY Change
3 months 5.20% 5.25% +0.05
6 months 5.50% 5.50%
9 months 5.50% 5.50%
12 months 5.65% 5.50% -0.15
18 months 5.60% 5.50% -0.10
2 years 5.65% 5.60% -0.05
3 years 5.65% 5.60% -0.05
4 years 5.65% 5.60% -0.05
5 years 5.70% 5.60% -0.10

For more information on opening a GMAC Bank CD, please refer to this post.

The yield curve continues to flatten. Now there's only 0.50% difference between a liquid money market account and a 5-year CD. I've also noticed some reduction in long-term CD rates at other places including Countrywide Bank, Transportation Alliance Bank and Self-Help Credit Union. If the Fed rate hikes end next month, these rate reductions may become more common.
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