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CD Rates| Compare the Best CD Rates at Banks by Searching our CD Rates List. We Maintain a list of the Highest CD Rates at RatesORama.comSearch and compare the highest CD rates available locally and nationally using our CD Rate list below. We maintain a list of the best certificate of deposit rates available at local banks, national banks and credit unions. Use our rate list to find the best CD rates available. Our CD database of rates is updated daily since CD interest rates change all the time.CD Rates Updated Tue May 21, 2013
Institution
APY
Rate
Min. Deposit
Comments
05/21/2013
Doral Direct 1 yr CD
0.960%
05/21/2013
0.960%
$500.00
Colorado Federal Savings Bank 1 yr CD
0.950%
05/21/2013
0.950%
$5,000.00
EH National Bank 1 yr CD
0.950%
05/21/2013
0.950%
$10,000.00
FDIC INSURED UP TO $250,000 NATIONWIDE
Home Savings Bank 1 yr CD
0.950%
05/21/2013
0.950%
$10,000.00
My e-BAnC by BAC Florida Bank 1 yr CD
0.950%
05/21/2013
0.950%
$500.00
By BAC Florida Bank - Member FDIC
The National Republic Bank of Chicago 1 yr CD
0.950%
05/21/2013
0.950%
$1,000.00
Barclays 1 yr CD
0.900%
05/21/2013
0.900%
$0.00
No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured.
California First National Bank 1 yr CD
0.900%
05/21/2013
0.900%
$5,000.00
VirtualBank 1 yr CD
0.900%
05/21/2013
0.900%
$10,000.00
FDIC Insured
AloStar Bank of Commerce 1 yr CD
0.850%
05/21/2013
0.850%
$1,000.00
Discover Bank 1 yr CD
0.850%
05/21/2013
0.850%
$2,500.00
Rates that consistently beat the competition. Open a CD today!
First Internet Bank of Indiana 1 yr CD
0.850%
05/21/2013
0.850%
$1,000.00
E-LOAN 1 yr CD
0.810%
05/21/2013
0.810%
$10,000.00
Easy process. 100% online. No fees. Start earning interest now!
Ascencia, a div. of PBI Bank 1 yr CD
0.800%
05/21/2013
0.800%
$500.00
Bank of Internet USA 1 yr CD
0.800%
05/21/2013
0.800%
$1,000.00
FDIC Insured Nationwide Banking
Lone Star Bank 1 yr CD
0.800%
05/21/2013
0.800%
$1,000.00
ableBanking, a division of Northeast Bank 1 yr CD
0.800%
05/21/2013
0.800%
$1,000.00
Plus a .25% bonus EVERY year to give to charity!
FDIC insured.
USAA 1 yr CD
0.710%
05/21/2013
0.710%
$1,000.00
Competitive rates from USAA. Strong, Stable, FDIC insured.
Intervest National Bank 1 yr CD
0.680%
05/21/2013
0.680%
$2,500.00
TAB Bank 1 yr CD
0.650%
05/21/2013
0.650%
$1,000.00
Member FDIC. Great Rates on Savings.
giantbank.com 1 yr CD
0.550%
05/21/2013
0.550%
$2,500.00
State Farm Bank 1 yr CD
0.300%
05/21/2013
0.300%
$500.00
Salem Five 1 yr CD
0.250%
05/21/2013
0.250%
$500.00
**All deposits FDIC and DIF insured** Apply online/phone today!
Heritage Bank 1 yr CD
0.230%
05/21/2013
0.230%
$1,000.00
Citizens Trust Bank 1 yr CD
0.200%
05/21/2013
0.200%
$500.00
Mount McKinley Bank 1 yr CD
0.180%
05/21/2013
0.180%
$5,000.00
1st Source Bank 1 yr CD
0.150%
05/21/2013
0.150%
$500.00
Low minimum, outstanding service
Bangor Savings Bank 1 yr CD
0.150%
05/21/2013
0.150%
$500.00
iGObanking.com 1 yr CD
0.150%
05/21/2013
0.150%
$1,000.00
0.25 APY* Savings, FDIC insured, open online or by mail
Rates are accurate and available as of the date seen for Bankrate customers. Identify yourself as a Bankrate consumer to get the Bankrate.com rate. Bankrate.com has today's most competitive deposit rates. Additional details.
As the equities markets continue to rally, the current best CD rates available remain at the same level as last week. The Dow Jones Industrial Average made a record high recently and the S&P 500 also made a record high. The same can’t be said for interest-bearing assets like certificates of deposit, U.S. Treasury yields, and other deposit accounts.
The best 1 year rates in our database are much higher than 12 month U.S. Treasury yields and are also higher than the national average CD rates. 12 month yields closed on May 7th at 0.10 percent, down from Monday’s average yield of 0.11 percent. 2 year bank CD rates for the week ending May 6 averaged 0.34 percent, unchanged from the previous week’s average 2 year rate. The highest CD rates in our 2 year certificate of deposit database are almost 4 times the average bank rate. CIT Bank is currently offering 2 year rates at 1.19 percent with 1.20 percent. 24 month U.S. bond yields closed at 0.22 percent today. Bond yields of 36 months and longer have risen considerably since the beginning of May. 36 month bond yields closed at 0.35 percent on May 7th, an increase from Monday’s average rate of 0.34 percent and up from the May 1st average of 0.30 percent. 36 month yields are up 5 basis points, or just over 16 percent higher in May. Although 36 month yields have moved considerably higher the past 5 days, current yields are still lower than the national average and the best 3 year CD rates available. The current national average 36 month CD rate is at 0.46 percent, unchanged from last week’s average rate. The best 3 year rates on our rate list are from Virtual Bank at 1.30 percent with an APY of 1.31 percent. The highest 4 year CD bank rates on our rate list this week are from Nationwide Bank at 1.45 percent with an APY of 1.46 percent. The current national average 4 year CD rate is at 0.58 percent. Average 5 year CD bank rates this week are at 0.75 percent, unchanged from last week’s average 5 year rate. The best 5 year CD rates in our database are at 1.59 percent with an APY of 1.60 percent. 5 year bond yields closed on Tuesday at 0.75 percent, the same level as the average 5 year CD rate. 5 year bond yields are 10 basis points higher since May 1st. April 23rd was “Teach Your Children to Save Day” and if you missed it, the national day that was created to instill good savings habits in our children. Teaching your kids to become savvy savers and investors when they are young can instill lifelong positive financial habits in them, not to mention they will be less likely to come to you for money when they are adults.
Start by opening a bank savings account with your children, many banks and credit unions offer starter savings accounts. Many of these accounts also have savings rates that are higher than most rates available. Right now the best savings account rates and money market rates are just above 1.00 percent. You can find kid savings rates double that rate if you look around and compare rates. Another important part of teaching your kids about personal finance is teaching them the difference between needs and wants. You probably heard your kids say the “need something” but in reality they just want it. Once they have an understanding of the difference you can teach them to save for the things they want. The best money lessons in the world will be useless if your kids don’t fully understand them, you also need to make sure the money management lessons they are taught are appropriate for their age. As they get older you introduce new lessons and concepts to them that are relevant to their age. Teach them that they should always put away a percentage of money earned into a savings account. If you’re not doing this you should “pay yourself first”, this is the only way you can consistently save money every month. When you teach your children give them the opportunity to actually save and manage real money. You can give them an allowance or let them earn money doing chores around the house besides their regular chores which they shouldn’t get paid to do. You can also tell them about all the house expenses that have to be paid, like rent or a mortgage payment, along with all other monthly expenses. I wouldn’t recommend telling them the dollar amounts of these expenses, you can wait until they are adults or just before they go off to college. A good website to help you is Money as You Grow, this site has information on teaching kids by age. This website can help you start a dialogue about money, saving and teaching your kids important lessons about making the right choices. If you missed Teach Your Children to Save Day don’t worry, you can always start today! Since the financial crisis 5 years ago, interest rates have moved lower. Right now long term CD rates are not much higher than short term CD rates. The CD yield curve is flat and will remain so for at least two more years as the Federal Reserve keeps their key benchmark interest rate near zero percent.
The best CD rates on our 3 month certificate of deposit rate list this week are at 0.51 percent APY while the best rates on 5 year CD accounts are at 1.70 percent APY, a 1.19 percent difference. If you have a 5 year CD coming due, you’re going to have sticker shock. 5 years ago, the highest 5 year rates were well above today’s rates. In fact, I would advise against reinvesting in another 5 year CD since rates are so low. You’re better off investing in shorter term CD accounts of 1 year or less since rates should be moving higher sometime before 2016. When rates move higher in the coming years, you’ll be in a position to invest in certificates of deposit at higher rates than current rates. Whereas if you invest in another 5 year CD now, you would either have to wait until your account matured or cash in your CD and incur an early withdrawal penalty. Right now the best bank CD rates on our 1 year CD rate list are at 1.04 percent with an APY of 1.05 percent. The highest 1 year rates are only 0.65 percent lower than the highest 5 year rates so you’re not losing out on much interest. Below are list of the highest 3 month, 12 month and 60 month CD rates on our rate lists this week. 3 Month CD Rates
12 Month CD Rates
60 Month CD Rates
For many years now CD rates, savings rates and money market rates have drifted lower. The reason why interest rates have fallen so low and haven’t moved higher is that Federal Reserve has kept their key interest rate, the fed funds rate, in a targeted range of zero percent to one quarter percent. As a result of the Fed’s policy, average CD rates at banks and all deposit rates have fallen to record lows.
The results of the survey are not a surprise since the Fed has stated that they plan to keep the fed funds rate at near zero percent until the unemployment rate falls below 6.5 percent, which the Fed believes will happen at the end of 2015. Right now the best CD rates on 12 month certificates of deposit are at 1.04 percent. The best savings rates are just below that rate at 1.00 percent. Following is a list of the highest 12 month CD rates this week and the highest savings account rates from banks: Highest 12 Month CD Rates
Highest Savings Account Rates
All of the banks listed here have deposits insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. When comparing interest rates, you will only find FDIC insured banks listed on our rate tables. Average CD rates at banks are stable the last week in March, as the U.S. Bureau of Economic Activity released their “third” estimate showing fourth quarter 2012 GDP advanced 0.4 percent. The “first” estimate for growth in Q4 showed GDP contracting 0.01 percent so the quarter’s growth is looking better but still down from the third quarter GDP growth of 3.1 percent.
Growth isn’t as robust as it needs to be for the Federal Reserve to increase their key interest rate, the federal funds rate. The rate has been at nearly zero percent for many years now and this has depressed interest rates on deposit accounts such as certificates of deposit. All CD terms from 1 month to 60 months have very low CD rates. For example, bank CD rates on 60 month CD accounts are averaging just 0.77 percent. Just a few years ago, most banks were offering 5 year CD rates above the 3 percent range. Right now the best CD rates on 5 year CD accounts are under 2.00 percent and falling. The highest CD rates on 5 year CD accounts for our rate table are from The National Republic Bank of Chicago at 1.85 percent with an APY of 1.87 percent. Average 1 month CD interest rates this week are averaging 0.06 percent while the best 1 month CD rates are at 0.15 percent. Average 3 month CD rates this week are at 0.09 percent and the highest 3 month rates are at 0.46 percent. As you can see, the highest rates on any given CD term are considerably higher than the average rates, so it pays to shop around to find the best rates. To help you with your search on finding the best CD bank rates, following is a list of certificate of deposit terms of 1 month to 5 years:
The Federal Open Market Committee held their two day meeting this week on economy policy. Right after the meeting the FOMC released and statement and the Federal Reserve Chairman, Ben Bernanke, held a press conference, you can read the transcript here: Fed transcript. As expected the Fed continues to stay the course of goosing the economy by keeping the Federal Funds rate near zero percent. Unfortunately, this will keep CD rates and other deposit rates low for the foreseeable future. The Fed is also going to continue buying $40 billion a month in mortgage-backed securities (MBS) and $45 billion a month in long term U.S. Treasuries. This is somewhat of a surprise because all the recent positive economic data that has been released. The Fed wasn’t expected to increase the Fed funds rate but some analysts believed they Fed would announce a slowing down of asset purchases or announcing end date to the purchases. The Fed’s outlook on the economy is a little rosier than has been in the past. The Fed Chairman, Ben Bernanke, said the following in the press conference:
The economy is improving but not fast enough for the Fed to make changes in policy. The Chairman also said the Fed is still worried about a number of issues, including “restrictive fiscal policies may slow economic growth and job creation in coming months,” Fed speak for the federal government cutbacks and deficit reduction. The Fed is also still concerned that the unemployment rate at 7.7 percent is still “elevated.” On the other hand inflation still isn’t a concern for the Fed saying “inflation is running somewhat below the Committee’s longer-run objective of 2 percent”. These concerns along with low inflation is allowing the Fed to keep accommodating economic policies that will foster growth and lower the unemployment rate. As for as projections economic outlook the Fed governors overall believe the economy will grow between 2.3 to 2.8 percent for 2013, rising to 2.9 to 3.7 percent in 2015. Projections for the unemployment rate for the fourth quarter of this year is 7.3 to 7.5 percent, declining to 6.0 to 6.5 percent in the final quarter of 2015. A majority of governors project inflation to run between 1.3 to 1.7 percent this year and 1.7 to 2.0 percent in 2015. If these projections turn out to be correct average bank CD rates will increase from current levels but not back to the rates we saw just before the financial crisis. Right now the best CD rates on 12 month certificates of deposit are at 1.04 percent. By the end of 2015 1 year CD rates could move into the 2 percent range to 3 percent range. You can view the Fed Chairman’s entire press conference in the video below: The Federal Open Market Committee (FOMC) meets on the 19th and 20th to decide the current direction of economic policy. Since the beginning of 2013, the vast majority of economic data released has been positive, 0verall pointing to an economy that is gaining momentum and lowering the unemployment rate.
The Federal Reserve Chairman, Ben Bernanke, and the Vice President, Janet Yellen, will probably remain committed to the current policies: buying $85 billion a month in U.S. Treasuries and mortgage-backed securities. These policies are designed to drive long term interest rates lower on mortgages and loans. These policies have been working as 30 year mortgage rates are just above record lows. Another FOMC policy designed to help the economy growth is the Fed’s decision to keep the Federal Funds rate near zero percent. This policy is also keeping CD rates and all deposit rates low and has been keeping rates low for years now. Right now the best CD rates on 5 year certificates of deposit are under 2.00 percent. I remember just a few years ago the highest CD rates on 1 year certificates of deposit were above 2.00 percent. The FOMC has stated they plan to keep the “accommodating stance” until the unemployment rate falls below 6.5 percent, which they believe will happen at the end of 2015. This also means deposit rates will also remain low until the end of 2015. Of course there is a possibility that rates will increase before then and with the recent positive economic news looks more and more likely. Even if there is an increase in rates before the end of 2015 the increases won’t be that much. We might see 1 year bank CD rates move up to the 1.50 percent range and 2 year CD rates move up to 1.75 percent. That being said it is best to stay invested in shorter term certificates of deposit or savings accounts. That way your deposits can earn slightly higher rates when they finally do move higher. |
RatesORama.com Average Mortgage Rates
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