Gmac ad

[Rustic23]

I have not been keeping up with CD rates, and GMAC may have a good one. However, I just heard their add and I thought it was humorous.

The jest:
Act now to get a guaranteed rate for one year of 3%! Lock in now, I can't be lowered.

With inflation last year about 5.8% I can not picture folks rushing out to get their 3%.

[Gotadimple]

I just looked, and generally, if you want to put money into a CD, you can't get 3% for a 12 month CD, you need to go out 2 or 3 years to get that rate. So it doesn't beat inflation (CD's generally don't), just stems it a bit.

Rita

[slouch]

Without looking very hard, the front page of Bank Deals - Best Rates and Deals shows NWFCU offering 1yr 3.25%APY / 2yr 3.75% add-on certificates. http://www.nwfcu.org/rates/certificate.pdf.

scrolling down a bit shows an 11mo 3.50%APY from Doral Bank Direct, a 12mo 3.65% from http://www.melrosecu.org/saverates.asp ($1 membership application fee), and other higher rates

[Westernskies]

Just moved my MMA into TCF Bank Power Savings Account at 3.00% APY and a $50 Visa Gift card for new accounts w/ $5k minimum --Best deal I could find.

[Rustic23]

What I found amusing was the tone of the ad that made 3% sound like such a great deal that every investor should run out and lock it in. It may be in this economy, but how many remember when much much higher rates use the same type of advertising.

[Gotadimple]

It is a great deal, for an investment of only $500. Note the other poster finding a better deal for an investment of $5000.