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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
You can also browse though our CD rate lists to find the top CD rates.
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.
Top Short Term CD Rates
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.
M.Y. Safra Bank, headquartered in New York City, just increased their CD rates across the board. Some of the increases were rather sizeable. The biggest increase was on M.Y. Safra Bank 2 year CD rates, which was increased 65 basis points.
You might not have heard of M.Y. Safra Bank but they have been around since 2000 in one form or another. The bank used to be known as T. Rowe Price Savings Bank but changed their name to M.Y. Safra Bank in December 2013.
My Safra Bank CD Rate Changes
Listed below are the most recent CD rate changes at My Safra bank.
M.Y. Safra Bank Review
M.Y. Safra Bank, provides both personal and business banking products. The bank offers deposit and transaction services, including interest bearing checking accounts, interest bearing money market deposit and savings accounts and interest bearing certificates of deposits.
The bank also provides personal lending solutions including fixed and adjustable rate mortgages for residential properties and home equity lines of credit. Other personal loans include secured or unsecured lines of credit.
On the business side of real estate, the bank provides commercial and business financing for owner-occupied commercial real estate and working capital lines of credit. In addition to commercial real estate financing, this includes multi-family, underlying co-op, commercial condo, mixed use, and flex space loans.
Last week the Federal Open Market Committee (FOMC) met and increased the fed funds rate by 0.25 percent. This is good news for savers since there is a direct correlation between the fed funds rate and CD rates.
4 of the 5 banks increased their CD rates after the Fed increased the fed funds rate. In fact, of the 30 CD products that rates were changed, all 30 of the changes were higher.
You can see a complete list of the CD rate changes below. You can also compare these CD rates with other bank and credit union CD rates by using our rate tables at CDRates.RatesORama.com.
Banks and credit unions are slowly increasing CD rates. The increases are still small but with inflation picking up steam and bond yields soaring higher, that may change. Another catalyst for higher CD rates is the Federal Open Market Committee meeting.
The FOMC is scheduled to meet in mid-December and is widely expected to increase the fed funds rate. The CME Group’s FedWatch Tool now has a 95 percent chance of a fed funds rate increase during the December meeting. The current rate is in a targeted range of 0.25 percent to 0.50 percent. A December increase will put the rate between 0.50 percent to 0.75 percent.
A higher fed funds rate will entice banks and credit unions to increase their deposit rates. Not all financial institutions will increase rates but we expect banks that have a need for deposits to increase rates. If there is a 25 basis fed funds rate increase, the best 1 year CD rates available will also be increased about 25 basis points.
The highest 1 year CD rates are around 1.30 percent. A 0.25 percent increase would put the highest 1 year CD rates around 1.50 percent. It’s been years since the last time we saw the top 1 year CD rates around 1.50 percent.
Looking towards 2017, the FOMC has eight scheduled meetings. At this time, the FOMC is expected to increase the fed funds rate once or twice during 2017. Of course, a lot can change in the coming months, especially since there is talk of a trillion dollar investment in infrastructure, which would put upward pressure on bond yields and inflation.
Nationwide Bank made some changes to their CD rates yesterday. Nationwide Bank CD rates were increased on the bank’s 2 year certificates of deposit and lowered on the bank’s 4 and 5 year certificates of deposit. The largest increase was on Nationwide’s 2 year regular CD account which was increased 8 basis points. Jumbo 2 year CD rates were only increased 5 basis points.
Nationwide’s 4 year regular and jumbo CD rates were both lowered 5 basis points. Regular 4 year CD rates were lowered from 1.44 percent with a yield of 1.45 percent to 1.39 percent with a yield of 1.40 percent. 4 year jumbo CD rates were lowered from 1.49 percent with a yield of 1.50 percent to 1.44 percent with a yield of 1.45 percent.
5 year jumbo CD rates were lowered from 1.66 percent with a yield of 1.67 percent to 1.61 percent with a yield of 1.62 percent. Regular 5 year CD rates were lowered from 1.61 percent with a yield of 1.62 percent to 1.56 percent with a yield of 1.57 percent.
There has been a slew of CD rate changes this past week. The good news is that most of the CD rate changes were higher, there was only a handful of rate changes lower. Unfortunately, another FOMC meeting has come and gone without a fed funds rate hike.
There are two more FOMC meetings in 2016 and it looks like there might be one rate hike. The meetings are schedule for early November and mid-December. A 0.25 percent rate hike is most likely and that would put some pressure on banks to increase short-term CD rates. Analysts are betting on the rate hike happening in the December meeting.
Listed below are this week’s bank CD rate and credit union CD rate changes.
Barclays Bank recently lowered CD rates on several certificates of deposit. Barclays Bank CD rates were in the top 5 CD rates available for several different CD terms but that is no longer the case. The biggest decrease was on Barclays Bank 2 year CD rates which were lowered by 10 basis points. All other CD rates were lowered 5 basis points.
Before we get into the recent CD rate changes let’s look at the history of Barclays Bank. The bank has been around for a very long time, 326 years to be exact. The bank started in 1690 when John Freame and Thomas Gould started trading as goldsmith bankers in, London England.
Barclays Bank’s name is based on John Freame’s son-in-law’s name James Barclay, who joined the bank in 1736. Today Barclays is a behemoth of a bank and has over 48 million customers world wide. Barclays’ U.S. operations are a lot younger, Barclays Bank Delaware (FDIC Cert # 57203) was established in 2001.
Barclays Bank CD Rate Changes
Barclays Bank CD Account Benefits
Opening a Barclays certificate of deposit is very quick and easy. Barclays has no minimum opening deposit and no fees to maintain your account. Barclays deposit products are insured by the FDIC for up to the maximum amount allowed by law.
The bank’s online banking tools are some of the best tools available these days which makes online banking with Barclays hassle free. Their new account management allows you to access your account from any device, phone, tablet or pc. My favorite feature is remote deposit which allows you to take a photo of a check, upload it and you’re done, the deposit is made.
You can take a quick tour of Barclays Bank’s online banking platform by viewing this video:
For more information on Barclays Bank certificates of deposit and to open an account go to the bank’s website at Barclays Bank Online CD Page.
Silvergate Bank, headquartered in La Jolla, California, has just lowered CD rates on the bank’s intermediate term certificates of deposit. Silvergate Bank CD rates were lowered on regular 2 and 3 year certificates of deposit and on 3 year jumbo certificates of deposit.
The largest CD rate decrease was 25 basis points on Silvergate Bank’s 3 year and 3 year jumbo CD accounts. 3 year rates were lowered from 1.65 percent with a yield of 1.66 percent to 1.40 percent with a yield of 1.41 percent. Silvergate Bank’s 3 year CD rate was the highest 3 year rate on our list but now the bank’s rate falls to eighth place.
2 year CD rates were lowered by 21 basis points to 1.25 percent with a yield of 1.26 percent. Silvergate had the second best 2 year rate on our rate list. With this decrease, Silvergate’s rate is now the third best rate available. The complete lists of Silvergate Bank’s current CD rates are listed below.
Current Silvergate Bank CD Rates
Current Silvergate Bank Jumbo CD Rates
You can see how Silvergate Bank’s CD rates compare with other bank CD rates by searching our rate tables at RatesORama.com.
Goldman Sachs Bank, the banking arm of the investment firm Goldman Sachs Group (NYSE: GS), recently lowered their 5 year CD rates. The new 5 year CD rate is at 1.83 percent with a yield of 1.85 percent. The previous 5 year CD rate was 1.98 percent with a yield of 2.00 percent. You can see how this new 5 year CD rate compares with other 5 year CD rates available by searching our rate list at 5 year CD rates.
The investment firm, Goldman Sachs Group, has been in business since 1869 but only became a bank holding company about eight years ago. Goldman Sachs chose to become a bank holding company to calm investors during the financial crisis.
On September 21, 2008, Goldman Sachs released a press release saying the firm decided to become the fourth largest bank holding company to be regulated by the Federal Reserve. During the financial crisis, when Lehman Brothers failed, liquidity was a big issue for many investment firms.
Goldman becoming a bank holding company allowed them to collect deposits and also gave the firm permanent access to liquidity and funding through the Federal Reserve. About a year ago, GS Bank acquired the deposits of GE Capital Bank. In the transaaction, GS Bank acquired approximately $8 billion in online deposit accounts and $8 billion in brokered certificates of deposit from GE Capital Bank. GS Bank also acquired GE Capital Bank’s online deposit platform.
GS Bank also offers several other CD terms with competitive rates. The most competitive rate right now for the CD term is on GS Bank’s 12 month certificate of deposit. The current 12 month CD rate is at 1.19 percent with a yield of 1.20 percent. Listed below are all current CD rates at GS Bank.
Goldman Sachs Bank CD Rates
RatesORama.com Average Mortgage Rates