GMAC's Tempting 3.5% High Yield CD Offer

Sounds too good to be true doesn't it? This week GMAC Bank's offer for their 3.5% APY requires you to keep your money with them for 5 years.  That's right, five long years.  Still, they do offer a 3 Month, 6 Month, and a 9 Month deal with 2.3% APY.  Let's get into it.

GMAC Bank's latest deals are the following: 

While some of these CD Deals mentioned in this article may no longer be offered by the various Banks and Financial firms, the most recent CD options can be found by our sponsors:  

The best bang for your buck would be the 6 or 9 Month GMAC options, that way, you don't tie your money up forever and by that time, the market may be finally in recovery, those are the two options the Masters would recommend.  Also, you need to at least have $500 or more for these CD's:

Important Disclosures

*Annual Percentage Yield
 Accurate as of 04/03/2009

$500 minimum opening deposit required. Deposit term will begin upon receipt of initial deposit. Your interest rate will be the one in effect on that date. Interest compounded daily. Fees could reduce the earnings on account. Penalty for early withdrawal. All accounts are subject to approval.

(View Additional Disclosures) 

The Masters are always on the hunt for High Yield CD's and similar products offered by Banks and other financial institutions. In today's market playing High Yield CD's and taking advantage of High Yield Savings account is just another way to build your equity when stocks are performing poorly.

Other CD offers: