GMAC Bank is offering a promotional 12 month certificate of deposit rate of 2.91% with an annual percentage yield of  2.95%. This CD rate is well above the national average for a 12 month CD.  The minimum opening deposit is $500. 

Interest is compounded daily which gives you a better return than a CD that has interest compounded monthly, quarterly or annually. You can use Monitor Bank Rates’ CD Calculator to figure out what the return would be when interest is compounded daily.

There is an early withdrawal penalty of 90 days of interest.