CD Rates Inch Higher Again as the Fed Holds on Increasing Interest Rates

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

• 3 Month - 1.00% at First Internet Bank of Indiana and Luana Savings Bank
• 6 Month - 1.36% at VirtualBank
• 9 Month - 1.37% at VirtualBank
• 12 Month - 1.62% at EverBank and My e-BAnC by BAC Florida Bank
• 18 Month - 1.68% at My e-BAnC by BAC Florida Bank
• 24 Month - 1.85% at Popular Direct and Congressional Bank
• 30 Month - 1.65% at Everbank
• 36 Month - 2.05% at Popular Direct
• 48 Month - 2.16% at M.Y. Safra Bank, FSB
• 60 Month - 2.40% Goldman Sachs Bank and Popular Direct

You can also browse though our CD rate lists to find the top CD rates.