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More Banks Increase CD Rates
 

More Banks Increase CD Rates

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A pattern is starting to emerge as more and more banks increase the interest rates they pay on certificates of deposit. This past week we have seen a couple of banks increase both their short term and long term CD rates. Virtual Bank and GE Capital Retail Bank both increased their rates.

GE Capital Retail Bank now has the top 1 year CD rate on our rate table at 1.09 percent with an annual percentage yield of 1.10 percent. EverBank is now tied with AloStar Bank of Commerce Rate for the best 3 month CD rate at 0.45 percent and has the best 4 year CD rate at 1.77 percent with an APY of 1.79 percent.

We will continue to see banks increase CD rates but any major increase in rates across the board won't come until the Federal Reserve increases the federal funds rate. The current fed funds rate is in a range of zero percent to one quarter percent. The Fed is expected to increase this rate sometime next year.

Current Top CD Rates


Highest CD Rates on 3 Month Certificates of Deposit

  • EverBank 0.45% APY 0.45%

  • AloStar Bank of Commerce 0.45% APY 0.45%

  • Virtual Bank 0.40% APY 0.40%

  • Barclays Bank 0.35% APY 0.35%

  • Discover Bank 0.35% APY 0.35%

  • First Internet Bank of Indiana 0.35% APY 0.35%


Best CD Rates on 6 Month Certificates of Deposit

  • Zions Direct 1.00% APY 1.00%

  • Doral Direct 0.87% APY 0.87%

  • AloStar Bank of Commerce 0.75% APY 0.75%

  • GE Capital Retail Bank 0.70% APY 0.70%

  • First Internet Bank of Indiana CD Rates 0.70% APY 0.70%


Top CD Rates on 1 Year Certificates of Deposit

  • GE Capital Retail Bank 1.09% APY 1.10%

  • Virtual Bank 1.06% APY 1.07%

  • EverBank 1.06% APY 1.07%

  • My e-BAnC by BAC Florida Bank 1.05% APY 1.06%

  • GE Capital Retail Bank Optimizer Plus 1.04% APY 1.05%

  • Silvergate Bank 1.01% APY 1.01%


Highest CD Rates at Banks 2 Year Certificates of Deposit

  • Virtual Bank 1.25% APY 1.26%

  • Salem Five 1.24% APY 1.25%

  • GE Capital Retail Bank 1.19% APY 1.20%

  • GE Capital Retail Bank Optimizer Plus 1.19% APY 1.20%

  • CIT Bank 1.19% APY 1.20%

  • California First National Bank Interest 1.19% APY 1.20%


Best CD Rates 3 Year Certificates of Deposit 

  • Intervest National Bank 1.44% APY 1.45%

  • Sallie Mae Bank 1.44% APY 1.45%

  • EverBank 1.43% APY 1.44%

  • Virtual Bank 1.35% APY 1.36%

  • GE Capital Retail Bank Optimizer Plus 1.34% APY 1.35%

  • Barclays Bank 1.34% APY 1.35%

  • GE Capital Retail Bank 1.34% APY 1.35%

  • AloStar Bank of Commerce 1.29% APY 1.30%

  • California First National Bank 1.29% APY 1.30%

  • My e-BAnC by BAC Florida Bank 1.29% APY 1.30%


Top 4 Year CD Certificates of Deposit

  • EverBank 1.77% APY 1.79%

  • Virtual Bank 1.77% APY 1.79%

  • GE Capital Retail Bank Optimizer Plus 1.73% APY 1.75%

  • Nationwide Bank 1.73% APY 1.74%

  • Barclays Bank 1.69% APY 1.70%

  • GE Capital Retail Bank 1.64% APY 1.65%


Highest 5 Year Certificate of Deposit Rates

  • Virtual Bank 2.28% APY 2.31%

  • GE Capital Retail Bank Optimizer Plus 2.27% APY 2.30%

  • EverBank 2.26% APY 2.29%

  • GE Capital Retail Bank 2.23% APY 2.25%

  • Barclays 2.23% APY 2.25%

  • Sallie Mae 2.08% APY 2.10%


Author: Brian McKay
May 23rd, 2014