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Retirement Savings: How Much Should I Save Each Month?Big Jump in GMAC Bank's Long Term CD Rates - New Trend?
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POSTED
ON BY Ken Tumin
GMAC Bank had a large increase in its long term CD rates today. Rates on 2 to 5 year CDs were increased from 5.30% to 5.45% APY. The 18-month CD increased from 5.30% to 5.40% APY. The rate of GMAC's money market savings account remains at 5.30% APY.
We may see similar moves by other banks. As a recent Bloomberg article describes, bond yields have skyrocketed in the last few days. The 10-year Treasury yields have increased to their highest level since May 2002.
Please refer to my GMAC CD post for more info about GMAC CDs. For more info on GMAC's money market account, please see my GMAC Money Market Account review post.
GMAC Bank is FDIC insured (FDIC Certificate # 57803).
We may see similar moves by other banks. As a recent Bloomberg article describes, bond yields have skyrocketed in the last few days. The 10-year Treasury yields have increased to their highest level since May 2002.
Please refer to my GMAC CD post for more info about GMAC CDs. For more info on GMAC's money market account, please see my GMAC Money Market Account review post.
GMAC Bank is FDIC insured (FDIC Certificate # 57803).
