Banks and Credit Unions Continue Increasing CD Rates

Interest rates on certificates of deposit continue to move higher as banks and credit unions increase rates. The current increases are small but the big increases will come when the Federal Reserve increases the federal funds rate, sometime in 2015.

Our last post, "16 Financial Institutions Now Offering 1 Year CD Rates at or above 1.00 Percent," showed a list of the highest rates available as of October 14, 2014. Since the post we released, two more banks increased 1 year CD rates above 1.00 percent so we now have 18 banks offering 1 year rates at or above 1.00 percent.

This week we also have a new top 1 year CD rate because Sallie Mae Bank increased their rate. Sallie Mae now has the best 1 year rate at 1.14 percent with an APY of 1.15 percent. The previous top rate is slightly below at 1.11 percent with an APY of 1.12 percent from CIT Bank.

On average, 1 year rates declined 2 basis points to 0.97 percent this week over last but will head higher again next week due to higher rates. Average 2 year rates remained unchanged this week at 1.19 percent and average 5 year rates increased to 1.85 percent this week, up 1 basis point from 1.84 percent.

Listed below are the highest short term and long term CD rates this week.

Highest CD Rates

  • 1 Month Interest Rate 0.15%

  • 2 Month Interest Rate 0.16%

  • 3 Month Interest Rate 0.45%

  • 6 Month Interest Rate 0.85%

  • 9 Month Interest Rate 0.89% APY 0.90%

  • 1 Year Interest Rate 1.14% APY 1.15%

  • 18 Month Interest Rate 1.25% APY 1.26%

  • 2 Year Interest Rate 1.50% APY 1.50%

  • 30 Month Rate 1.30% APY 1.31%

  • 3 Year Rate 1.55% APY 1.56%

  • 4 Year Rate 1.93% APY 1.95%

  • 5 Year Rate 2.50% APY 2.52%

 

 
Author: Brian McKay
November 5th, 2014