GMAC Bank is offering one of the best CD rates for a 1 year CD, the current rate is of 2.96%, with a yield 3.00%. Not bad when you compare it to the national average of current CD rates. Along with other banks, GMAC Bank has been lowering the rates they pay depositors. Looks like the government programs, including the Troubled Asset Relief Program (TARP),  is driving rates down. In November 2008, GMAC’s 1 year CD rate was 4.27%, with a yield of 4.36%

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.