Popular Posts

GMAC Bank Money Market Savings Rate Now 5.30%

POSTED ON BY

GMAC Bank raised the rate on its Money Market Savings Account today from 5.25% to 5.30% APY. The last rate change on this Money Market Savings Account was on October 6th when GMAC raised the rate from 5.00% to 5.25% APY. This rate requires a minimum balance of $500. Below $500, there's up to a $7.50 monthly fee.

For those who have been hit by E-LOAN's transfer problems, GMAC Bank may be a good alternative. The savings account rate isn't as high, but GMAC Bank has a history of being competitive. Some advantage of GMAC over E-LOAN include check writing (first 50 checks are free), ATM card and a much better ACH transfer system that's not limited to one external account. For more information on this money market account, please refer to my GMAC Money Market Account review post.

GMAC Bank's CD rates also increased today on all terms except the 3-month term. The rates are still way below their July highs. Below shows the CD rate evolution over the last two months:

GMAC Bank Certificate of Deposit Rates:
Annual Percentage Yield
Term 9/15 9/29 10/06 10/13 11/03 11/10
3 month 4.95% 4.95% 5.25% 5.25% 5.25% 5.25%
6 month 5.00% 4.95% 5.30% 5.35% 5.30% 5.35%
9 month 5.30% 5.20% 5.30% 5.35% 5.25% 5.35%
12 month 5.35% 5.25% 5.30% 5.40% 5.25% 5.30%
18 month 5.30% 5.20% 5.30% 5.30% 5.15% 5.20%
2 years 5.30% 5.20% 5.15% 5.30% 5.15% 5.20%
3 years 5.30% 5.20% 5.15% 5.30% 5.15% 5.20%
4 years 5.30% 5.20% 5.15% 5.30% 5.15% 5.20%
5 years 5.35% 5.20% 5.20% 5.35% 5.15% 5.20%

For more information on opening a GMAC Bank CD, please refer to this post.
Comments
shrazzy
  |     |   Comment #1
**** it
I just opened a Grand Yield Direct... :(
what's cool about GMAC is you get a card & checks

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.