GMAC Bank Increases Long Term CDs

GMAC Bank has recently increased its long term CD rates. The yield is up to 4.35% APY for both the 4 and 5-year terms. All of the rate changes are shown below:

GMAC Bank CD rate changes as of 4/25/08:

Term       OLD APY     NEW APY    CHANGE
3 months     3.50%       3.50%         0
6 months     3.60%       3.60%         0
9 months     3.60%       3.60%         0
12 months    3.90%       3.90%         0
18 months    3.60%       3.70%     +0.10
2 years      3.75%       3.80%     +0.05
3 years      4.00%       4.00%         0
4 years      4.00%       4.35%     +0.35
5 years      4.15%       4.35%     +0.20

GMAC Bank’s FAQ page does a pretty good job describing the CD details. Some things to note include:

• Minimum deposit is $500
• CD can be opened online or by phone
• CD can be funded by ACH electronic funds transfer or by check
• If funded by check, rate does not lock until check is received
• Early withdrawal penalty is 180 days of interest for terms over one year, 90 days of interest for shorter terms
• 10 day grace period at maturity in which you can close CD without penalties
• Interest can be posted monthly, quarterly, semi-annually or annually

Countrywide Bank High CD Rates

Countrywide Bank lowered their short term CD rates late last week, but the new rates continue to be very competitive. The new national 12-month CD yield is 5.50% APY for a minimum deposit of $10,000. Those in California can get an extra 10 basis points on all of the short term CDs.

It has been over a month that Countrywide has responded to its credit problems with these high rate CDs and savings accounts. According to this Wall Street Journal article, Countrywide is pulling in $50 million a day in new deposits. So these high rates seem to be working to help fund its mortgage lending business.

Bank of Choice (Denver) CD Rates

Bank of Choice still has some competitive rates on its certificates of deposit. The special 13-month CD yield is 5.75% APY. The minimum deposit is $1,000. The special 7-month CD still has the 5.45% APY. Both have an Add-On feature that allows additional deposits of $500 or more to be made during the term. There’s still a 5.61% APY 6-month and 12-month CD without that Add-On feature. Please refer to the CD page for more info.

Last month this 13-month CD was at 6%, but the rate dropped early this month.

Countrywide Bank CD Rates

Countrywide Bank raised the yield on its savingslink account from 5.25% to 5.31% APY on balances from $10K to $50K. The yield on balances under $10K remains at 4% APY, and the yield for balances over $50K remains at 5.40% APY.

Countrywide also raised the yield on its 6 and 12 month CDs to 5.40% APY and 5.50% APY (see rate table). These have a minimum deposit of $10K.

Details of the savingslink account are available here. Some of the important features include:

• $1,000 minimum opening balance required
• No monthly service charges
• Free bank to bank transfers
• Up to 6 withdrawals per month
• No checks or ATM card

5.98% 60-Month CD at an Iowa CU (Community Choice)

Community Choice Credit Union is offering a special 5.98% APY 60-month certificate of deposit. The minimum deposit is $10,000, and the money must be new to the credit union.

Membership is open to anyone who lives or works in one of several counties of Iowa. Please see the credit union’s join us page for the list of counties.

Branches are located in Des Moines, Johnston, Clive and Altoona, IA. The credit union is federally insured by the NCUA (Charter # 65078). It has $207.2 million in assets and 29,647 members.

Washington Mutual 5.40% APY 12 month CD

Washington Mutual is offering a 5.40% APY 12-month certificate of deposit. The rate is only available on its Online CD. The minimum deposit is $1,000.

WaMu still offers a 5% no-minimum online savings account when you also open its checking account online.

Special Deal @ Advance Financial FCU (IN)

Advance Financial Federal Credit Union in Indiana (IN) is having a one day only special on Saturday, August 4th. The credit union will offer a 7-Month certificate that earns 7.00% annual percentage yield. Minimum deposit is $500 and maximum deposit is $700. A $120 bonus on a new checking account will be available from July 30 to August 4.

Another special from Advance Financial will be available from July 30 to August 4. It is a bonus offer of up to $120 on the Better Than Free Checking Account. Opening the account earns $70. Add direct deposit to receive $25 and sign up and use bill pay for an extra $25. Branches are located in East Chicago, Gary, and Schererville, Indiana.

Telecom Credit Union (Michigan) CD Rates

Telcom Credit Union in Michigan is offering a 61-Month CD that yields a high 6.00% APY. The minimum required to open is $5,000. To receive this special CD rate, depositor must be an existing Telcom Community Credit Union member as of June 30, 2007 or a Michigan resident if member joined the credit union after July 1. See site for more details.

First National Bank – 6.00% APY

The First National Bank of Marysville in Pennsylvania has a 6-Month certificate of deposit special that earns 6.00% annual percentage yield. This special requires a new checking account with direct deposit. Minimum deposit to open CD is $100. The CD has a maximum deposit of $10,000. Special is only available at the Good Hope office in Enola.