CD Rates

The minimum opening deposit is $500.

No, you may not make additional deposits during the initial term of the CD. However, once the CD matures you have the opportunity to deposit additional funds and rollover the CD into a new term. This can be done during the Grace Period, which is the ten (10) day period after the maturity date of your CD.

There are no fees to open or maintain a CD.

If we consent to a request for a withdrawal before the maturity date or that is otherwise not permitted, you will be assessed a penalty immediately.  The penalty will be an amount equal to 90 days of interest that has been or would be earned on a certificate with a initial term of less than OR EQUAL to one year.  The penalty will be an amount equal to 180 days of interest that has been or would be earned on a certificate with an initial term of more than one year. The penalty is calculated under the interest method indicated in your Deposit Agreement and deducted from interest first and then principal, if necessary.

• Allowable Early Withdrawals

  Withdrawals from time deposit accounts will be permitted before maturity without an interest penalty as outlined in the previous paragraph for the following circumstances: (1) when requested, upon the death of any account owner; or (2) when requested, when the account owner is determined to be legally incompetent by a court or other administrative body of competent jurisdiction.

• Withdrawal at Maturity and Grace Period

  You have 10 days after the maturity date to withdraw funds without penalty.  This time period is known as a grace period.

Yes, GMAC Bank is insured by the Federal Deposit Insurance Corporation, up to $250,000 per depositor. (Learn More)