GMAC Bank CD Rates
March 2, 2009
At the end of 2008, GMAC Bank was converted to a bank holding company, which means it can receive TARP funding. This gives it a better footing for longevity and separates GMAC Bank from General Motors. What this means for the consumer looking at certificate of deposit rates is that the GMAC Bank CD rates are much more competitive as the bank seeks new depositors.
Knowing all of this, we here at Top CD Rates had to look at GMAC CD rates to see how they’re comparing. GMAC has grown quickly to become of the nation’s largest banks and the aggressive CD rates at GMAC Bank are showing proof of that.
Their top rates on 3, 6, 12, 18, and 24 month CDs are competitive, starting at 2.05 percent annual percentage yield and growing to 3.5 percent for the 5 year certificate. These all have a minimum deposit of only $500. One of the more impressive of the lot is probably the 1 year (12 month) GMAC CD rates at 2.95% APY, which matches the 2 year rate as well.
As they maneuver to pull more depositors, GMAC Bank CD rates will continue to stay aggressive, we think. For the short-term or mid-term investor, these are definitely competitive certificate of deposit rates worth considering.
If you’re looking for a good CD, you should check out GMAC Bank CD rates and see if they’re right for you. GMAC is fully FDIC insured to the extent of the law. Check at the GMAC Bank online banking website for current rates and terms, since this can change often.
Posted in GMAC CD rates
October 11th, 2009 at 6:58 pm
[...] 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. [...]