Bank Rates provided by GMAC, actually refer to attractive interest rates that GMAC Bank offers on its’ Money Market Accounts and Certificates of Deposits.GMAC Bank, which offers online banking services, is actually a part of GMAC Financial Services.
Being an online bank, GMAC Bank generates low overhead expenses as all its’ operations are carried through Internet.
This low level of overhead expenses, enables GMAC Bank to offer high interest rates to its’ customers.
Interest Rates offered by GMAC Bank on Money Market Accounts:
The customers, who are holding Money Market Account in GMAC Bank, receive an interest rate of 2.86% on maintaining minimum account balance.
The GMAC Bank Money Market Account Holders get an interest rate of 2.96%, if they maintain the account balance somewhere between $500 and $4999.99.
On maintaining an account balance of more than $5000, the money market account holders receive interest at the rate 2.96%. In this case, the customers receive Annual Percentage Yield at the rate of 3%.
Interest Rates offered by GMAC Bank on Certificates of Deposit:
Customers, who are having GMAC Bank Certificate of Deposit, worth $500 and more, get an interest rate of 3.44%, on choosing a term period of 3 months.
For a certificate of deposit, worth $500 and above, the customers receive 3.54% interest rate on choosing a term period of 6 months or 9 months or 12 months or 18 months.
Certificate of Deposits, worth $500 or more than $500, earn an interest rate of 3.68%, if it carries a term period of 2 years.
The GMAC Bank CDs of $500 or more receives interest at the rate of 3.92% on choosing a term period of 3 years or 4 years.
Customers who make Certificate of Deposit, worth $500 and above, for a term period of 5 years, receive an interest rate of 4.07%.
Last Updated on : 30th July 2013