Although GMAC has been part of recent government bailouts to avoid bankruptcy, the bank continues to offer one of the higher 12 month CD rates
available in the US with it’s 2.95% APY.  This is down from 3% in February.
You can open a GMAC 12 Month CD with a minimum of $500, either by using their website or by calling on the phone.  You have the ability to fund the CD using an ACH fund transfer or by mailing a check.  The rates do not lock in until the money is received and the accounts are opened, so keep that in mind if you plan to mail your check the rate for the 12 month CD could change in the amount of time it takes to be mailed.  Also, if for any reason the bank takes awhile to open the account, you could have your CD opened at a different rate as well.  The interest rate at the time of application is not locked in – the interest rate on the day the account is physically created is the interest rate the CD will receive.

GMAC 12 Month CD’s have a 10 day grace period when they reach maturity.  During this 10 day window, you can close your CD without penalty to access the money, or you could choose to open a new CD.  If you withdraw your money from the CD before it matures, you’ll be hit with an early withdrawal penalty equal to 180 days of interest.

Interest earned on your GMAC 12 month CD can be posted monthly, quarterly, semi-annually or annually.

GMAC Bank offers other savings products, in addition to the Certificate of Deposits.  While they don’t have IRAs, they allow custodial and legally titled accounts, money markets and standard savings accounts.  The rates for both money  market and savings accounts have also dropped recently, although are still quite competitive, with 2.15% APY for the money market account and 2.75% APY for the online savings account.

If you have more than one account with GMAC you can transfer funds using the ACH transfer, and the process typically takes one or two days at most.

If you’re not sure which account would benefit you the most, you can use the GMAC calculator to check on different amounts of money saved in various accounts for varying lengths of time – to determine how much money you’ll earn.