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Intermediate and Long Term CD Rates Increase, Short Term Rates Move Lower
 

Intermediate and Long Term CD Rates Increase, Short Term Rates Move Lower

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We are starting to see movement on rates as banks increase some rates while decreasing other rates. After many years of watching banks and credit unions lower CD rates, we are finally seeing some banks offer higher rates. Financial institutions are increasing intermediate and long term CD interest rates while decreasing short term rates. Their goal is to lock depositors into long term certificates of deposit while rates are still low.

Though rates are moving higher, the changes are not that dramatic. Most of the increases are 5 to 10 basis points. Any big increases in rates won't be until the Federal Open Market Committee votes to increase the federal reserve rate. Listed below are recent CD rate changes.

3 Month CD Rate Changes

  • EverBank 0.40%, down 0.10%

  • AloStar Bank of Commerce 0.40%, down .10%


6 Month CD Rate Changes

  • ableBanking, a division of Northeast Bank 0.40%, down 0.40%

  • AloStar Bank of Commerce 0.65%, down 0.10%


1 Year CD Rate Changes

  • Synchrony Bank 1.10%, up 0.05%

  • GE Capital Bank 1.10% , up 0.05%

  • Colorado Federal Savings Bank 1.10%, up 0.10%

  • My e-BAnC by BAC Florida Bank 1.05%, up 0.05%

  • Ally Bank 1.00%, up 0.05%

  • Geauga Savings Bank 0.90%, up 0.60%


3 Year CD Rate Changes

  • EverBank 1.46%, up 0.15%


5 Year CD Rate Changes

  • Synchrony Bank 2.30%, up 0.05%

  • Everbank 2.30%, up 0.05%

  • Barclays Bank 2.25%, up 0.10%

  • State Farm Bank 2.15%, up 0.05%


Check on all certificate of deposit rates here: Best CD Rates.
Author: Brian McKay
September 8th, 2014