GMAC CD Rates

GMAC Bank if offering one of the best CD rates available today. The 12-month certificate of deposit currently has a rate of 2.76 percent with an annual percentage yield of 2.80 percent. The national average CD rate on a  12-month is currently 1.49 percent with an annual percentage yield (APY) of 1.50 percent.

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.

You can open a CD online 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.