GMAC CD Rates and Review
GMAC Bank was founded in 1919 and was formerly known as General Motors Acceptance Corporation. They are headquartered in Detroit, Michigan and had roughly 31,000 employees as of 2006 (this number has since drastically decreased).
It was previously the wholly owned financial services arm of GM. GMAC Financial Services provides a whole host of financial products with some of it’s more notable products being automotive financing, insurance and mortgage operations.
GMAC Bank operates in approximately 40 countries worldwide. In 2008, the firm provided financing to 75 percent of the 6,450 GM dealers, however the company has lost roughly $8 billion over the last two years.
On Christmas Eve of 2008, the Federal Reserve accepted GMAC’s application to become a bank holding company so that they could gain access to billions of dollars in government aid, a crucial attempt to ensure their survival.
List of General Banking Products:
Online Savings Accounts
Money Market Savings Accounts
CD’s (Certificates of Deposit)
Check Card and Checking Accounts
GMAC’s CD (certificate of deposit) rates are typically in BankVibe’s top CD rates. Here are some of their more attractive offers:
GMAC Bank 6 month CD Rates: 3.15% APY
GMAC Bank 12 month CD Rates: 3.75% APY
GMAC Bank 5 year CD Rates: 4.00% APY
January 6th, 2009 at 10:49 am
I have been banking with GMAC for almost 3 years and have had no problems. I locked in a CD with them last year for a lot higher rate than what they offer today. I also do my checking and savings with them.
March 11th, 2009 at 5:39 am
Some general info for prospective customers:
I tried to open a savings account with GMAC this week (since their rates were 2.65% for savings), but they do a hard pull on your credit and since mine is frozen for security, it has turned into a manual process. This is slightly unusual as I have opened several other online accounts over the past year and this is the first that has had an issue with the credit freeze. Since they do a hard pull, it may affect your FICO score (or so I have read).
Lastly, their rate dropped from 2.65 to 2.15 as of 3/10/09, so at the moment, DSD is .10% higher.