Certificates of deposit are one of the safest investments an investor can choose from.  Generally, the safety and security of bank CDs leads to a sacrifice in rate of return.  In order to reach high interest rate levels on CDs investors have to purchase a CD with a long term or maturity.  The longer terms lead to sacrifice of liquidity which, in the case where the money must be withdrawn early, can lead to an early withdrawal penalty. 

To avoid the possibility of early withdrawal and maintain a moderate level of liquidity, an investor can choose a CD with a short term.  The most common short term CD is the 6 month CD.  One of the best 6 month CDs that is currently available is being offered by GMAC Bank. 

GMAC Bank  was established in 2001and is in the same family as GMAC Financial Services.  GMAC Bank  is an online bank.   GMAC Bank is insured by the Federal Deposit Insurance Corporation.  The bank offers an online savings account, money market savings account and a variety of fixed rate certificates of deposit.

The interest rate on a 6 month CD with GMAC Bank is currently at 2.95% APY.  In addition to this top 6 month CD rate, GMAC Bank also offes the following CD rates and term:

A 3 month CD with an interest rate of 2.30% APY.
A 9 month CD that has an interest rate of 2.95% APY or the same as the rate on the 6 month CD.
A one year CD that earns an interest rate of 3.75% APY.
An 18 month CD with an interest rate of 3.20% APY.
A 2 year CD that has an interest rate of 3.40% APY.
A 3 year CD that yields rate also at 3.40% APY.
A 4 year CD with an interest rate that is at 3.40% APY.
And a 5 year term CD that has an interest rate of 3.75% APY.

There is a low $500 minimum opening deposit required.   Interest is compounded daily.
The interest will begin to accrue on the CD account no later than the business day on which the bank receives the deposit.

Interest rates are subject to change.  Additional CD account conditions may apply.  GMAC Bank can be reached at 1-866-246-2265.  The bank website offers complete information on how to open a bank CD account as well as up to date rate information.  The bank website address is www.gmacbank.com.

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