bank rates

GMAC Certificates of Deposit (CD) Rates

As an investor you might be having many investing options at your hand. It is always better to invest your money with lowest risk and highest yield. Certificates of Deposit offer such an option of investment.

If you can forgo access to your money for some time period then CD can be your best bet. The interest rate of a CD account is fixed and does not variate with the market conditions.

You will require a minimum investment of $500 to earn the following rates:
– A balance of $500 or more deposited for 3 months would earn 3.30% interest with 3.35% APY.
– A balance of $500 or more deposited for 6 months would earn 3.39% interest with 3.45% APY.
– A balance of $500 or more deposited for 9 months would earn 3.49% interest with 3.55% APY.
– A balance of $500 or more deposited for 12 months would earn 3.59% interest with 3.65% APY.
– A balance of $500 or more deposited for 18 months would earn 3.68% interest with 3.75% APY.
– A balance of $500 or more deposited for 2 years would earn 4.02% interest with 4.10% APY.
– A balance of $500 or more deposited for 3 years would earn 4.02% interest with 4.10% APY.
– A balance of $500 or more deposited for 4 years would earn 4.26% interest with 4.35% APY.
– A balance of $500 or more deposited for 5 years would earn 4.26% interest with 4.35% APY.

* The above rates are effective as on 05/15/2008.

@ Interest is compounded on a daily basis.
@ There is no monthly fee on your CD account.
@ A penalty is charged for early withdrawal.
@ Your deposits are FDIC insured for up to $100,000 per depositor.
@ The minimum opening required deposit is $500 but there is no minimum balance necessary to keep your account open.

GMAC bank is an online bank. It combines personal banking with internet technology to offer you speed, convenience and security. You can easily enroll for online banking and gain secure access to your accounts whenever you need it. If you want to enjoy banking at your leisure you may apply for an account at GMAC now! You can get started by opening your account online via this web-page: https://secure.gmacbank.com/GMACWebClient/customerCreation.do OR open an account by phone: 1-866-2GMBANK (1-866-246-2265).

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