GMAC Bank is offering one of the highest 12 month CD rates out there,  the annual percentage rate is currently 4.27% and the annual percentage yield is 4.36%. There is a $500 minimum to open the CD account. You can open a CD online here or by calling GMAC Bank Customer Care at 1-866-246-BANK (1-866-246-2265).

Requirements to open a CD account

• Legal U.S. resident
• Have a U.S Address
• Driver’s License
• Social Security Number

GMAC Penalty for Early Withdrawal of a Certificate of Deposit

The penalty is equal to 90 days of interest that has been or would be earned on a certificate with a term of less than or equal to one year. For certificate of deposits over 1 year the penalty is equal to 180 days of interest that has been or would be earned on a certificate with a term of more than one year.

GMAC Bank Online CD Application