Yesterday, the Federal Reserve granted GMAC bank status. What does this mean for GMAC now? With a “bank status”", they are now entitled to tap into the $700 billion federal bailout package.
Read the full story on Bloomberg.com.
I’ve been a big fan of GMAC bank for a few years now and I personally bank with them and have nothing but good things to say.
Here are GMAC CD and Savings Rates as of 12/25/2008 –
3 month - 2.50% APY
6 month - 3.50% APY
12 month - 4.00% APY
2 / 3 / 4 year - 4.05% APY
5 year - 4.35% APY
Savings account - 3.75% APY
Money market - 3.25% APY
The savings account in my opinion is one of the best on the market. All of GMAC’s products are FDIC insured and only require a $500 minimum initial investment.
For more information on GMAC, visit GMACBank.com.
- 6 Month CD 1.07 %
- 1-year CD 1.34 %
- 2-year CD 1.74 %
- Money Market Account 1.05 %
- Savings Account 1.04 %
- 30-year Fixed Mortgage 4.73 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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