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GMAC Bank 3.10% 24-month CD

Posted in CD Rates by RateRunner
March 17, 2009 02:02 PM - 7 Comments

If you want to earn more than 3% on a certificate of deposit, you’ll have to lock your money up for at least two years.

One of the best deals right now is from GMAC Bank, which is paying 3.10% APY on a 24-month CD and you only need a $500 minimum to get started.

That’s almost twice the national average for two-year CDs and you know what you’ll earn.

Although you can do better with some high-interest checking and savings accounts, users tell us the rates that lured them into those accounts have recently been cut.

With a fixed-rate CD, you know what you’ll earn until it matures.

GMAC Bank is the online banking operation of GMAC Financial Services, which lost a bundle on subprime mortgages and is still partially owned by automotive basket case General Motors Corp.

But it’s FDIC insured and earns four out of five stars in Bankrate’s “Safe & Sound” scoring system. You’re not going to lose your money.

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Comments (7)
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7 Existing Comments

  1. bankfiesta said:
    on March 17th at 08:51 pm

    Good deal, submitted it to Bank Fiesta to share with others. Thanks!

  2. 411REALTY® said:
    on March 17th at 10:48 pm

    What happened to these posts/site (BANKAHOLIC)? It must be political,because it lacks personality!!!!!!!!!!!!

  3. BloggingBanks said:
    on March 18th at 08:03 am

    That seems like a decent deal as long as you are saving within your FDIC limits of 100K (the 250K limit will expire by the end of 09)

  4. Mike M said:
    on March 18th at 10:30 am

    As I posted to the UFB CD notice, this may not be worth it.

    You can buy an I bond from the federal government that is paying 5.64% for the next six months. Because of deflation, you can expect the six months after that to pay 0%. They say you have to hold for a minimum of 1 year before selling.

    But you don’t!

    If you buy on March 31, you can sell on March 1 of next year. You’ll earn about $27.81 in interest for that period on a $1000 bond – all of it in the first six months. When you sell, you’ll lose the most recent 3 months interest – or $0, $0, and $0. So for holding the bond for 335 days, you get the full $27.81….

    That is equivalent to an 11 month, 1 day CD paying 3.03% APY. And unlike a CD, that interest is not taxable by your state government.

    For me, I face a 5.451% state tax rate, so that I bond is equivalent to a taxable CD rate of around 3.2% That’s better than this 3.1% offer, and my money is only tied up for 11 months, not 24. Taking the 24 month term is only worth it if you think rates are going to go down from here. But can they really get much worse? When will the inevitable rampant inflation kick in?

  5. Carl R said:
    on March 19th at 06:43 pm

    Account set up is a pain! Submitted online, faxed in documentation, hadn’t heard from them a week later. Called and they said fax was never recieved even though I had confirmation that it went through. So who has my bank account information now?

  6. Debt Consolidation said:
    on March 25th at 11:48 pm

    Hmmm, I agree that this deal from GMAC Bank is a good one because I have searched far and wide and couldn’t find any as good as this. Thanks for sharing.

  7. BloggingBanks.com said:
    on April 26th at 09:13 am

    GMAC keeps delivering the highest CD rates nationwide. The 1 year CD currently yields 2.75% APY, which is pretty decent.

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