GMAC 1-year CD @ 5.35%

[sweeps]

GMAC Bank raised its 1-year CD rate to 5.35%. That is higher than its 18-month rate, which is 5.30%.

[kichu]

Sweeps,
Do you think they are safe to make an investment, considering the bad situation of GM?
The rate is very appealing but I am a bit skeptical here.
Thanks

[sweeps]

It's safe, insured by the FDIC. Also it is rated 4 out of 5 stars on Bankrate and Bauer.

Like you, I had some reservations about how long they could maintain their high rates, but they're proving that they can be the top dog.

[Ima saver]

Wow, that is pretty good! I feel like it is safe!

[goodtosave]

World Savings currently has a 5.31% APY for 5 months(Internet CD).

Or you can try 28 week treasury bills paying around 5% which is equivalent to 5.3% (or 5.4% APY) assuming a 5% state income tax rate.

[Saluki96]

Looks like they went up again. 5.45% for 1 year CD.
MM Savings account went up to 4.80%

[poundwise]

Also, if the info at Bankrate is correct, you only need $500 to fund this CD with GMAC. Though you may have a great deal more, it is nice to see that minimum associated with that level of interest.

Also, one might consider Acencia Bank's 6-month CD at 5.35% APY. Or Stonebridge Bank's 18-month offering at 5.50%. (Both of these also only require $500 min.)

[sweeps]

Originally Posted by Saluki96

Looks like they went up again. 5.45% for 1 year CD.
MM Savings account went up to 4.80%

:

[WellManicuredMan]

E*Trade just raised their CD rates again:

6 month at 5.40%
1 year at 5.50%

[WellManicuredMan]

E*Trade increased again:

6 month @ 5.46% APY
1 year @ 5.56% APY

[sweeps]

Wow, etrade isn't messing around. $1K minimum.

[vsjhoc]

Originally Posted by kichu

Sweeps,
Do you think they are safe to make an investment, considering the bad situation of GM?
The rate is very appealing but I am a bit skeptical here.
Thanks

Didn't GM (General Motors) sell off GMAC Bank fairly recently? If so, the automaker's situation wouldn't have a connection with your investment.

vsjhoc

[poundwise]

Originally Posted by vsjhoc

Didn't GM (General Motors) sell off GMAC Bank fairly recently? If so, the automaker's situation wouldn't have a connection with your investment.

True. Controlling interest was sold.

GM Reaches Agreement to Sell Controlling Stake in GMAC.

http://www.gmacmortgage.com/About_Us...2006_0403.html