GMAC Bank is offering a 3 month CD rate of 3.15% with an annual percentage yield of 3.25%. The rate is for balances of $500 or more. The penalty for early withdrawal for a 3 month certificate of deposit is 90 days of interest, basically all the interest you would have earned so be sure that you won’t need your funds before locking in this CD.
Interest on all GMAC Bank certificate of deposits can be posted on the date of maturity, monthly, quarterly, semi-annually or annually. Interest payments can be made to you by official check, internal transfer to another GMAC Bank account or by external transfer to a registered external bank account.
GMAC Bank is insured by the Federal Deposit Insurance Corporation, up to $250,000 per depositor. On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.
GMAC does not offer IRA certificate of deposits.
GMAC Bank CD Application
Author: CD Rates
December 12th, 2008
