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.