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Everything You Need to Know About ChexSystemsGMAC Bank Increases CD Rates - New 4.10% 12-Month CD
POSTED ON BY Ken Tumin
GMAC Bank increased the yield on its one year CD today from 3.90% to 4.10% APY. It also increased the yield on terms of 18, 24 and 36 months. All of the rate changes are shown below:
For more details about GMAC Bank and these CDs, please refer to my GMAC post from last week.
Last week GMAC made some substantial rate increases on its 4 and 5 year CDs. It's nice to see some more rate increases after Wednesday's Fed rate cut. As I described in this post, banks have been increasing their long term rates. Inflation and the expectation that it'll cause future rate hikes are part of the reasons. Perhaps GMAC is anticipating that rate hikes may happen sooner rather than later. Another reason for the CD rate hikes may be its need to raise cash (see news article).
GMAC Bank is FDIC insured (Certificate # 57803).
Thanks to the reader shrazzy who noted this CD rate increase in the finding-the-best-deals post.
GMAC Bank CD rate changes as of 5/2/08:
TERM OLD APY NEW APY BPS CHANGE
3 months 3.50% 3.50% 0
6 months 3.60% 3.60% 0
9 months 3.60% 3.60% 0
12 months 3.90% 4.10% +20
18 months 3.70% 3.75% +5
2 years 3.80% 3.85% +5
3 years 4.00% 4.10% +10
4 years 4.35% 4.35% 0
5 years 4.35% 4.35% 0
For more details about GMAC Bank and these CDs, please refer to my GMAC post from last week.
Last week GMAC made some substantial rate increases on its 4 and 5 year CDs. It's nice to see some more rate increases after Wednesday's Fed rate cut. As I described in this post, banks have been increasing their long term rates. Inflation and the expectation that it'll cause future rate hikes are part of the reasons. Perhaps GMAC is anticipating that rate hikes may happen sooner rather than later. Another reason for the CD rate hikes may be its need to raise cash (see news article).
GMAC Bank is FDIC insured (Certificate # 57803).
Thanks to the reader shrazzy who noted this CD rate increase in the finding-the-best-deals post.
Also, I wonder if the GMAC CD rate increases are not being driven by loss of MMA funds resulting from the negative WSJ publicity. I know I moved a chunk of money elsewhere, although in my case this was mainly due to their lowering interest rates.