GMAC Bank Keeps CD Rates at 4% for 12-month Term
GMAC Bank still offers top CD rates joining a few banks offering a 4 % APY for 1-year certificate of deposits. It will be best to confirm the going on rates before opening an account since they are updated every Friday.
The certificates can be acquired online or by calling their customer care line. They can be funded via electronic transfers or by sending in a check via mail. Their FAQ’s clarify that the rates are not locked in until the bank receives the funding.
The minimum deposit for the CDs is just $500 with different terms varying from 3 to 60 months. The account does not require any maintaining fees. They are not offered as IRA certificates.
No penalties are imposed for early withdrawals done before the account maturity since interest are posted on the maturity date.
GMAC bank is FDIC insured with certificate # 57803.
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