CD Rates Hold Steady as Fed Meets Next Week to Decide Monetary Policy

The Federal Open Market Committee (FOMC) meets again next week to decide on monetary policy. If the FOMC decides to increase the fed funds rate, CD rates will also move higher. Fed Chair, Janet Yellen, is still talking up a rate hike sometime in 2015 but some Fed officials say the first hike will happen in 2016.

The final FOMC meeting for 2015 will be in December. If a hike doesn't happen next week, the FOMC has one final chance to raise the rate this year. The CME's FedWatch Tool now has a 29.2 percent chance of a hike in December, down from 35.4 percent last month.

The past several months, banks and credit unions in our rate database have been slowing increasing their rates in anticipation of a Fed rate hike. Both short term and long term CD rates have been increased by financial institutions. The increases have been small but at least rates are finally moving higher after a half dozen years of decreases.

Listed below are the highest CD rates currently available for both short term and long term certificates of deposit.

2 Month Rates/Yields

• MyCBB 0.80% Yield 0.80%
• Loan Star Bank 0.15% Yield 0.15%
• Virtual Bank 0.15% Yield 0.15%
• Citizens Trust Bank 0.10% Yield 0.10%

3 Month Rates/Yields

• EverBank 0.55% Yield 0.55%
• California First National Bank 055% Yield 0.55%
• First Internet Bank of Indiana 0.45% Yield 0.45%
• AloStar Bank of Commerce 0.40% Yield 0.40%
• Goldwater Bank 0.40% Yield 0.40%
• Virtual Bank 0.40% Yield 0.40%
• Discover Bank 0.35% Yield 0.35%
• Barclays Bank 0.35% Yield 0.35%
• Nordstrom Bank 0.35% Yield 0.35%
• TAB Bank 0.35% Yield 0.35%

6 Month CD Rates/Yields

• AloStar Bank of Commerce 0.90% APY 0.90% (increased 0.10%)
• California First National Bank 0.85% Yield 0.85%
• MyCBB 0.85% Yield 0.85%
• EH National Bank 0.80% Yield 0.80%
• My e-BAnC by BAC Florida Bank 0.80% Yield 0.80%
• ableBanking, a division of Northeast Bank 0.80% Yield 0.80%
• Silvergate Bank 0.75% Yield 0.75%
• Chartway Federal Credit Union 0.75% Yield 0.75%
• giantbank.com 0.75% Yield 0.75%

1 Year CD Rates/Yields

• CIT Bank 1.29% Yield 1.30% (increased 0.05%)
• E-Loan 1.29% Yield 1.30%
• Synchrony Bank 1.24% Yield 1.25%
• Sallie Mae Bank 1.24% Yield 1.25%
• iGObanking.com 1.24% Yield 1.25% 
• California First National Bank 1.23% Yield 1.24%  (increased 0.04%)
• Bank Direct 1.20% Yield 1.21%
• AloStar Bank of Commerce 1.20% Yield 1.21%
• My e-BAnC by BAC Florida Bank 1.19% Yield 1.20%  (increased 0.01%)
• PenFed 1.20% Yield 1.21%
• Colorado Federal Savings Bank 1.19% Yield 1.20%

18 Month CD Rates/Yields

• E-Loan 1.34% Yield 1.35%
• Synchrony Bank 1.24% Yield 1.25%
• AloStar Bank of Commerce 1.20% Yield 1.21%
• Virtual Bank 1.20% Yield 1.21%
• My e-BAnC by BAC Florida Bank 1.20% Yield 1.21%
• Discover Bank 1.19% Yield 1.20%
• Ally Bank 1.18 Yield 1.19%

2 Year CD Rates/Yields

• E-Loan 1.51% Yield 1.52%
• XCEL Federal Credit Union 1.50% Yield 1.52%
• Silvergate Bank 1.45% APY 1.46%
• Synchrony Bank 1.44% Yield 1.45%
• CIT Bank 1.34% Yield 1.45% (increased 0.05%)
• Colorado Federal Savings Bank 1.44% Yield 1.45%
• PenFed 1.40% Yield 1.41%
• AloStar Bank of Commerce Rate 1.39% Yield 1.40%
• California First National Bank 1.39% Yield 1.40%

3 Year CD Rates/Yields

• E-Loan 1.83% Yield 1.85%
• Silvergate Bank 1.65% Yield 1.66%
• Sallie Mae 1.59% Yield 1.60%
• Radius Bank 1.59% Yield 1.60%
• Barclays Bank 1.54% Yield 1.55%
• California First National Bank 1.54% Yield 1.55%
• First Internet Bank of Indiana 1.50% Yield 1.51%
• Synchrony Bank 1.49% Yield 1.50%
• Discover Bank 1.49% Yield 1.50%
• Ally Bank 1.49% Yield 1.50%
• Lone Star Bank 1.49% Yield 1.50%
• AloStar Bank of Commerce 1.48% Yield 1.50%

4 Year CD Rates/Yields

• E-Loan 1.98% Yield 2.00% (increased 0.10%)
• Nationwide Bank 1.84% Yield 1.86%
• Barclays Bank 1.83% Yield 1.85%
• CIT Bank 1.80% Yield 1.82%
• Virtual Bank 1.77% Yield 1.78%
• First Internet Bank of Indiana 1.75% Yield 1.76%
• Discover Bank 1.74% Yield 1.76%
• Synchrony Bank 1.73% Yield 1.75%

5 Year CD Rates/Yields

• E-Loan 2.42% Yield 2.45%
• Synchrony Bank 2.23% Yield 2.25%
• Barclays Bank 2.23% Yield 2.25%
• First Internet Bank of Indiana 2.15% Yield 2.17%

You can always find the most current online CD rates by searching our database of rates at Monitor Bank Rates. No personal information is required.