Four Banks Now Offering 1.10% APY on 1 Year Certificates of Deposit
Banks and credit unions continue to increase intermediate and long term CD rates. Banks wants to lock-in deposits before rates move considerably higher. These financial institutions are competing to offer the best rate, as a result of the competition, we now have four different banks offering the highest 1 year CD rate on our table.
These banks are offering 1 year bank CD rates at 1.09 percent with an APY of 1.10 percent. The four banks offering this rate and yield are Synchrony Bank, GE Capital Bank, ableBanking, a division of Northeast Bank, and Colorado Federal Savings Bank.
The increases in rates haven't been that large but at least rates are once again moving higher, not lower. The last time we saw higher CD rates across the board, was before the financial crisis and Great Recession, over six years ago. Larger increases, 50 basis points to 100 basis points, will have to wait until the Federal Open Market Committee increases their key increase rate, the federal funds rate.
The best CD rates this week on our 2 year rate table are slightly higher than 1 year rates. The highest 2 year rate this week is at 1.26 percent with an APY of 1.27 percent. The bank offering this 2 year CD rate and yield is AbleBanking. Last month two credit unions held the top 2 year rate at 1.25 percent with an APY of 1.26 percent.
The highest 3 year rate on the tables this week is at 1.44 percent with an APY of 1.45 percent. There are three banks offering this 3 year CD rate and yield, EverBank, State Farm Bank and Nationwide Bank.
The top 5 year CD rate this week is from Synchrony Bank and EverBank at 2.27 percent with an APY of 2.30 percent. You can use our rate lists to find the highest rates available for CD terms of 1 month to 5 years. CD Rates.
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