21 Financial Institutions are Offering 1 Year CD Rates at or Above 1.00%
certificate of deposit rates at or above 1.00 percent continues to grow. Just over a month ago, there were 16 financial institutions offering 1 year rates that high, this month the list has grown to 21.
Not only are more banks and credit unions offering higher rates but the best 1 year CD rates available have also increased. Back in November 2014, the highest 1 year rates were at 1.14 percent with an APY of 1.15 percent. This month there are three banks offering 1 year rates above 1.15 percent APY.
Bank Direct is offering 1 year rates at 1.20 percent with an APY of 1.21 percent. CIT Bank and Synchrony Bank are both offering 1 year rates at 1.19 percent with an APY of 1.20 percent.
This month there are also two credit unions offering 1 year certificate rates at new highs. Chartway Federal Credit Union is offering 1 year rates at 1.30 percent with an APY of 1.31 percent. Connexus Credit Union is offering 1 year rates at 1.30 percent with an APY of 1.31 percent. As will all credit unions you will have to join either of these credit unions to open a certificate account.
If these rates are starting to entice you, just wait until the Federal Open Market Committee increases the fed funds rate. Bank CD rates and other deposit rates are tied to the fed funds rate, when the FOMC increases the rate, deposit rates move also higher. This is expected to happen in the next few months.
By the end of 2015, we could see 1 year CD rates at banks just above 2.00 percent. The last time 1 year rates were that high was at least 5 years ago, just after the financial crisis and Great Recession. Until CD rates move higher you can view the top 1 year rates available below.
1 Year Certificate of Deposit Rates
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