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Slew of CD Rate Increases Since the Fed Increased Rate

Slew of CD Rate Increases Since the Fed Increased Rate

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.

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.

Author: Brian McKay
June 29th, 2017