GMAC Bank CD Rates Update

October 11, 2009

You are no doubt aware that most of the GMAC Bank certificate of deposit accounts are now changed to Ally Bank. For this look, however, we will continue using the GMAC name to avoid confusion as many are still working with local GMAC branches whose names have not yet changed. It’s been a little while since we here at Top CD Rates have looked at the GMAC Bank CD rates.

We will compare current top CD rates first by term and then ranked by annual percentage yield (APY).

Specials in GMAC Certificate of Deposit
Current specials are the No Penalty CD which has a 9 month term and auto-renews for another 6 months at standard rates. With a 1.75% APY, one of the best CD rates at GMAC, the certificate allows you to withdraw or close the account once during its duration.

Terms and Best GMAC Bank CD Rates
Most of the offerings for GMAC Bank CD accounts are national leaders.

A 3 month term yields 1.25% APY while a 6 month term gives 1.65% APY. The 9 month standard, compared to the above special, gives a 1.60% APY.

One year gives 2.05% APY as another bonus compared to the 18 month yield of 2.00% APY.

Two years gives 2.30% APY, 3 years a 2.75% APY, and 4 years a 2.95% APY. The popular long-term 5 year term has a whopping 3.40% APY on it.

There are no minimum balances required to open or maintain these GMAC certificate of deposit accounts, so any amount you wish to deposit is good enough.

GMAC Bank (Ally Bank) is FDIC insured to the fullest extent and GMAC Bank CD accounts maturing before January 1, 2013 are eligible for extended $250,000 FDIC insurance.

Posted in GMAC CD rates