GMAC Bank is a great option for online banking.  If you are looking for a low risk, high yield savings account, you should check out a GMAC Bank CD.  The GMAC Bank CD rates are very competitive and GMAC has excellent GMAC Bank CD Rates.

Investing in certificate of deposits are a great low risk option for money that you do not need to touch for the time of the CD.  CD interest rates tend to be higher that high interest savings accounts due to having less liquidity, but you can lock in the CD interest for the duration of the certificate of deposit.  Additionally, CDs are FDIC insured up to $100,000.  This is a great way to have extra comfort that you will not lose this money.

The GMAC Bank CD has a $500 minimum deposit.  There really is no reason for investing in high yield CDs unless you have a good amount to invest.  What I mean by that is that unless you have $500 to put into a CD you probably should be investing in a savings account anyways.  The high CD interest rates that you can earn is not worth the flexibility in accessing you money if you don’t have at least $500 to invest in a CD.  However, many banks have special childrens CD programs with lower minimum balances.  If you are looking for a CD for your child, call up GMAC Bank and ask if they have a lower minimum deposit for child CDs.

The term of the GMAC Bank CD range from three months to five years.  These varied term options are great for giving you flexibility in determining how much time you don’t need your money for.  Or, if you think that CD interest rates will go up in the future, you can lock in for a shorter period of time.  Otherwise, if you are happy with the bank cd rates now, you might want to buy a CD with the longest term you can find.  The high yield GMAC bank cd rates might give you this option for locking in at a higher interest rate for a longer period of time.

I always hesitate to quote bank CD rates because they change daily.  If you are interested in invest in a certificate of deposit, you should check out the GMAC Bank CD rates on the GMAC bank website.