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This Week’s CD Rates Update: Best 1 Year CD Rate at 1.35 Percent
 

This Week’s CD Rates Update: Best 1 Year CD Rate at 1.35 Percent

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Certificate of deposit rates continue to slowly move higher this week. While several banks increased their CD rates, there are no new highs to report on this week. Like I have stated in the past, we will have to wait for the Federal Open Market Committee to vote to increase the federal funds rate before we see remarkably higher CD rates.

It won't be too long before we actually see higher rates. The FOMC usually votes to increase or decrease the federal funds rate during one of their regularly scheduled meetings. The next FOMC meeting scheduled for June 16 and June 17.

There is a chance we will see the fed funds rate increased during the June meeting. After the June meeting, there is another meeting in July and one in September. There is almost a 100 percent certainly that the rate will be increased between June and September.

Since CD rates are moving higher over the next 4 months you should stay invested in shorter term certificates of deposit. The best short term CD rate we have right now is on our 2 month rate list. MyCBB Bank 2 month CD rate is currently at 0.80 percent with an APY of 0.80 percent.

Listed below are the highest CD rates for both short term and long term certificates of deposit. Also listed below are the FDIC's national average rates for May 11, 2015. The FDIC releases a weekly report on national average deposit rates.

Highest Certificate of Deposit Rates May 17, 2015


1 Month CD Rates

  • Lone Star Bank 0.15% APY

  • Virtual Bank 0.15% APY

  • AloStar Bank of Commerce 0.10% APY


2 Month CD Rates

  • MyCBB 0.80% APY 0.80%

  • E-LOAN 0.16% APY 0.16%

  • Lone Star Bank 0.15% APY 0.15%

  • Virtual Bank 0.15% APY 0.15


3 Month CD Rates

  • California First National Bank 0.60% APY 0.60%

  • First Internet Bank of Indiana 0.45% APY 0.45%

  • AloStar Bank of Commerce 0.40% APY 0.40%

  • Goldwater Bank 0.40% APY 0.40%

  • VirtualBank 0.40% APY 0.40%

  • Discover Bank 0.35% APY 0.35


6 Month CD Rates

  • Zions Direct 1.00% APY 1.00%

  • California First National Bank 0.95% APY 0.95%

  • Pentagon Federal Credit Union 0.81% APY 0.81%

  • My e-BAnC by BAC Florida Bank 0.80% APY 0.80%

  • Silvergate Bank 0.75% APY 0.75%

  • Colorado Federal Savings Bank 0.70% APY 0.70%

  • First Internet Bank of Indiana 0.70% APY 0.70%

  • Goldwater Bank 0.70% APY 0.70%


9 Month CD Rates

  • NewDominion Bank 0.80% APY 0.90%

  • AloStar Bank of Commerce 0.80% APY 0.80%

  • Discover Bank  0.70% APY 0.70%

  • VirtualBank 0.70% APY 0.70%

  • giantbank.com 0.70% APY 0.70%

  • USAA 0.66% APY 0.66%

  • EverBank 0.63% APY 0.63%

  • Barclays 0.60% APY 0.60%


1 Year CD Rates

  •  Colorado FSB 1.34% APY 1.35%

  • Pentagon FCU 1.30% APY 1.31%

  • Synchrony Bank 1.22% APY 1.23%

  • Bank Direct 1.20% APY 1.21%

  • My e-BAnC by BAC Florida Bank 1.19% APY 1.20%

  • Home Savings Bank 1.19% APY 1.20%

  • California First National Bank 1.15% APY 1.16%

  • VirtualBank 1.15% APY 1.16%


18 Month CD Rates

  • Synchrony Bank 1.24% APY 1.25%

  • VirtualBank 1.20% APY 1.21%

  • My e-BAnC by BAC Florida Bank 1.19% APY 1.20%

  • AloStar Bank of Commerce 1.14% APY 1.15%

  • First Internet Bank of Indiana 1.10% APY 1.10%

  • Ally Bank 1.09% APY 1.10%

  • Colorado Federal Savings Bank 1.04% APY 1.05%

  • Discover Bank 1.04% APY 1.05%


2 Year CD Rates

  • Synchrony Bank 1.34% APY 1.35%

  • CIT Bank 1.34% APY 1.35%

  • Barclays 1.34% APY 1.35%

  • iGObanking.com 1.34% APY 1.35%

  • My e-BAnC by BAC Florida Bank 1.30% APY 1.31%

  • Home Savings Bank 1.29% APY 1.30%

  • Ally Bank 1.28% APY 1.29%


30 Month CD Rates

  • Lone Star Bank 1.41% APY 1.42%

  • Discover Bank  1.29% APY 1.30%

  • EverBank 1.23% APY 1.24%

  • USAA 0.85% APY 0.85%


3 Year CD Rates

  • Synchrony Bank 1.49% APY 1.50%

  • Lone Star Bank 1.49% APY 1.50%

  • Capital One 1.49% APY 1.49%

  • First Internet Bank of Indiana 1.45% APY 1.46%

  • Barclays Bank 1.44% APY 1.45%

  • Discover Bank 1.44% APY 1.45%

  • EverBank 1.44% APY 1.45%


4 Year CD Rates

  • Nationwide Bank 1.84% APY 1.86%

  • Barclays Bank 1.83% APY 1.85%

  • CIT Bank 1.80% APY 1.82%

  • Virtual Bank 1.77% APY 1.78%

  • EverBank 1.76% APY 1.78%

  • Capital One 1.75% APY 1.75%

  • Discover 1.74% APY 1.76%

  • Synchrony Bank 1.73% APY 1.75%


5 Year CD Rates

  •  Synchrony Bank 2.23% APY 2.25%

  • Barclays Bank 2.23% APY 2.25%

  • Capital One 2.18% APY 2.18%

  • Home Savings Bank 2.13% APY 2.15%

  • First Internet Bank of Indiana 2.10% APY 2.12%

  • EverBank 2.01% APY 2.03%


FDIC National Average CD Rates

  • 1 month CD Rate 0.06%

  • 3 month CD Rate 0.08%

  • 6 month CD Rate 0.12%

  • 12 month CD Rate 0.20%

  • 24 month CD Rate 0.34%

  • 36 month CD Rate 0.47%

  • 48 month CD Rate 0.60%

  • 60 month CD Rate 0.79%


Author: Brian McKay
May 18th, 2015