Advertising Disclosure

Featured Savings Rates

Popular Posts

Featured Accounts

3.90% 12-Month Online CD at GMAC Bank


GMAC Bank increased its 12-month certificate yield today to 3.90% APY. For this rate environment, this is a solid rate. The minimum deposit is $500.

GMAC Bank also has other competitive CD rates. The 3 and 4-year terms have a yield of 4.00% APY and the 5-year term has a yield of 4.15% APY.

I opened a GMAC CD in 2006, and the process went smoothly. I also had the GMAC money market account, and I was able to use this account to fund the CD. When the CD matured, I was able to send them a secure message instructing them to close the CD and transfer the money into my money market account. This was done without a problem. The money market account has limited check writing and a solid ACH transfer service so it's easy to use GMAC to fund CDs at other banks.

I was disappointed last month when GMAC was so quick to drop the rate on its money market account to 3%. But if they can hold it at 3% while other banks keep dropping, it may not be so bad. They do have a history of high rates. I've been very happy with my GMAC money market account. Please see my GMAC money market review for more details of the account and its rate history.

For those who prefer a financially strong bank, GMAC Bank is a good alternative to Countrywide and Indymac. GMAC Bank has a 4 out of 5 star rating (sound) at based on 12/31/07 data and a 4 out of 5 star rating (excellent) at BauerFinancial based on 12/31/07 data. GMAC Bank is a member FDIC (Certificate # 57803)

Thanks to the reader who mentioned this new CD rate in the finding-the-best-deals post.
Related Pages: CD rates

Related Posts

Anonymous   |     |   Comment #1
IndyMac is still advertising a 4.15% APY 12-month online special CD (rates change Fridays so this may be good for a while).
Anonymous   |     |   Comment #2
GMAC has now dropped there MMA rate to 2.96% and there annual to 3.13%.

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 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.