Best CD Interest Rates This Week
Below is a quick rundown of the best certificate of deposit rates available on our rate lists for CD terms of 3 months to 60 months. If you compare the CD rates listed below with previous reports, you see rates are finally moving higher. The increases are small but once or twice a month we see a new high for a specific CD term.
This week a new high was made on our 2 year CD rate list. The increase was only 1 basis point but at least it's higher and not lower. Overall rates will continue to move slightly higher this year with the biggest increases coming next year when the fed increases the federal funds rate. Bigger increases in CD rates will come when the fed increases the fed funds rate. When this happens, we will see 25 and 50 basis point increases on all CD terms. For now we have to be patient with smaller increases.
Because rates are moving higher in the not-too-distant future, don't lock into long term certificates of deposit. Staying invested in shorter term CDs will insure you get the best returns when rates move higher in 2015.
Best CD Rates August 21, 2014
RatesORama.com Average Mortgage Rates