GMAC Bank just increased rates on its short and mid-term certificates of deposit today. The 6-month CD had the largest increased. The yield is now 4.00% APY. Below is the table of the new and old yields.
Old and New Certificate of Deposit Yields as of 9/12/08
Term Old APY New APY Change
3 month 3.25% 3.25% -
6 month 3.80% 4.00% +0.20
9 month 3.80% 3.90% +0.10
12 month 4.15% 4.25% +0.10
18 month 4.18% 4.25% +0.07
24 month 4.30% 4.35% +0.05
30 month 4.50% 4.50% -
36 month 4.75% 4.75% -
60 month 5.00% 5.00% -
GMAC Bank's FAQ page does a pretty good job describing the CD details. Please refer to my GMAC CD review post for a summary of GMAC's CD features.
GMAC Bank just came out with a new Online Savings Account that's just like its Money Market Savings Account except that it doesn't have check writing or debit cards. The yield is currently 55 basis points above the MMS's yield (3.55% APY vs 3.00% APY). It's currently only available for existing MMS Account holders (see post).
GMAC Bank's parent has been in the news lately due to its troubled mortgage lending arm, Residential Capital (ResCap). New financial ratings for soundness are out at both Bankrate and Bauerfinancial. These are based on 6/30/08 data. As you would expect, the GMAC Bank ratings are down a bit, but they're still not too bad: 3 stars (performing) at Bankrate.com and 3.5 stars (good) at BauerFinancial.
As I recommend with any bank, make sure to keep your deposits under the FDIC limits. For issues on FDIC coverage above $100K, please refer to this recent post, and for more details, refer to this post. GMAC Bank accounts are FDIC insured (FDIC Certificate # 57803).
Thanks to the readers who notified me of these new CD rates.