CD Rates | Find the Best CD Rates Today
Best CD Rates| RatesORama.com has a List of the Best CD rates Available
Certificates of deposit (CDs) are one of the safest investments available. Make sure to only invest in CD accounts that are insured by the Federal Deposit Insurance Corporation (FDIC). When you invest in a CD your money is locked in a time deposit and you gain access to your funds when the CD matures. You can gain access sooner but you will pay an "early withdrawal penalty" which can be as high as all the interest earned depending on the CD term.
CD rates inched slowly higher again, continuing the uptrend of the past year and a half. Short term CD rates increased even though the Federal Reserve didn’t increase interest rates during their meeting last week. With the recent increase in rates, the top 1 year CD rate on our list hit a new high for 2017
The outlook for short term rates continues to be good in 2017 because the Fed is expected to increase interest rates once more this year. The Fed is likely to increase the fed funds rate 0.25 percent during the December meeting, which will put more upward pressure on shorter term CD rates.
Right now, the top 1 year rate on our rate list is at 1.61 percent and a yield of 1.62 percent. Two banks are currently offering that rate and yield, EverBank and My e-BAnC by BAC Florida Bank. The top 2 year CD rate on our list is now at 1.85 percent, currently offered by Popular Direct and Congressional Bank.
You can see the top short term and long term CD rates listed below.
Current Top CD Rates by CD Term
You can also browse though our CD rate lists to find the top CD rates.
There has been a slew of deposit rate increases on our rate lists since the Fed increased the fed funds rate. The Fed increased the rate June 14 and as a result, six banks have increased rates on 24 deposit products.
The largest CD rate increase was on Sallie Mae’s 36 month regular and jumbo CD accounts. Sallie Mae’s 3 year CD rates were increased 30 basis points from 1.60 percent to 1.90 percent. The largest variable deposit rate increase was on Heritage Bank’s MMA account, which was increased 19 basis points from 1.01 percent to 1.20 percent.
The trend for higher interest rates will continue in 2017 because the Fed is expected to increase the fed funds rate once more this year. The Fed said they would increase their rates 3 times in 2017 and they’ve already had two increases. Since the beginning of 2017, many banks and credit unions have increased their CD rates. We’ve seen the best 1 year CD rates on our rate table move from around 1.25 percent to around 1.50 percent and 6 month CD rates increased from 0.90 percent to 1.15 percent.
Top Short Term CD Rates
3 Month CD Rates
6 Month CD Rates
9 Month CD Rates
12 Month CD Rates
You can search for and compare CD rates from banks and credit unions by searching our rate lists at CDRates.RatesoRama.com.
M.Y. Safra Bank, headquartered in New York City, just increased their CD rates across the board. Some of the increases were rather sizeable. The biggest increase was on M.Y. Safra Bank 2 year CD rates, which was increased 65 basis points.
You might not have heard of M.Y. Safra Bank but they have been around since 2000 in one form or another. The bank used to be known as T. Rowe Price Savings Bank but changed their name to M.Y. Safra Bank in December 2013.
My Safra Bank CD Rate Changes
Listed below are the most recent CD rate changes at My Safra bank.
M.Y. Safra Bank Review
M.Y. Safra Bank, provides both personal and business banking products. The bank offers deposit and transaction services, including interest bearing checking accounts, interest bearing money market deposit and savings accounts and interest bearing certificates of deposits.
The bank also provides personal lending solutions including fixed and adjustable rate mortgages for residential properties and home equity lines of credit. Other personal loans include secured or unsecured lines of credit.
On the business side of real estate, the bank provides commercial and business financing for owner-occupied commercial real estate and working capital lines of credit. In addition to commercial real estate financing, this includes multi-family, underlying co-op, commercial condo, mixed use, and flex space loans.
Last week the Federal Open Market Committee (FOMC) met and increased the fed funds rate by 0.25 percent. This is good news for savers since there is a direct correlation between the fed funds rate and CD rates.
4 of the 5 banks increased their CD rates after the Fed increased the fed funds rate. In fact, of the 30 CD products that rates were changed, all 30 of the changes were higher.
You can see a complete list of the CD rate changes below. You can also compare these CD rates with other bank and credit union CD rates by using our rate tables at CDRates.RatesORama.com.
Banks and credit unions are slowly increasing CD rates. The increases are still small but with inflation picking up steam and bond yields soaring higher, that may change. Another catalyst for higher CD rates is the Federal Open Market Committee meeting.
The FOMC is scheduled to meet in mid-December and is widely expected to increase the fed funds rate. The CME Group’s FedWatch Tool now has a 95 percent chance of a fed funds rate increase during the December meeting. The current rate is in a targeted range of 0.25 percent to 0.50 percent. A December increase will put the rate between 0.50 percent to 0.75 percent.
A higher fed funds rate will entice banks and credit unions to increase their deposit rates. Not all financial institutions will increase rates but we expect banks that have a need for deposits to increase rates. If there is a 25 basis fed funds rate increase, the best 1 year CD rates available will also be increased about 25 basis points.
The highest 1 year CD rates are around 1.30 percent. A 0.25 percent increase would put the highest 1 year CD rates around 1.50 percent. It’s been years since the last time we saw the top 1 year CD rates around 1.50 percent.
Looking towards 2017, the FOMC has eight scheduled meetings. At this time, the FOMC is expected to increase the fed funds rate once or twice during 2017. Of course, a lot can change in the coming months, especially since there is talk of a trillion dollar investment in infrastructure, which would put upward pressure on bond yields and inflation.
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