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5-Year CD Rates in Greater Phoenix Region Lower Than National Average

NEW YORK - RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST) reported today that there was once again little movement in deposit rates, as savers continued to suffer from the Federal Reserve's policy of keeping the short-term federal funds rate in a historically low range of zero to 0.25% for over five years.

"Federal Reserve Chairwoman Janet Yellen faced some difficult questions during her testimony before the Senate Banking Committee last week, and Senator David Vitter (R., La.) even said the U.S. economy was on a "sugar high" from the central bank's policy," said Philip van Doorn, TheStreet's Senior Bank Analyst. "Nonetheless, Yellen's policies are seen as a continuation of former Fed Chairman Ben Bernanke's policies as the U.S. economy continues its slow recovery."

NATIONAL AVERAGE RESULTS - $10K

Avg Rate This week Avg Rate Last week
Money Market 0.15% 0.15%
1 month CD 0.11% 0.11%
3 month CD 0.15% 0.15%
6 month CD 0.23% 0.23%
1 year CD 0.36% 0.36%
2 year CD 0.56% 0.56%
3 year CD 0.75% 0.75%
4 year CD 0.92% 0.92%
5 year CD 1.13% 1.13%

In the Greater Phoenix Region area, the average 5-year CD rate sat at 1.01%, lower than the national average of 1.13%. Rates on the 5-year CD ranged from 0.2% on the low end to 2.0% at the high end, which can be found at Compass Bank. The average 3-year CD rate in Greater Phoenix Region was 0.65% with a range of 0.05% to 1.2% found at Sonoran Bank. And if you are on the market for a 1-year CD, take a look at Armed Forces Bank, National Association, which currently offers a rate of 0.6% as compared to the Greater Phoenix Region average of 0.32%. Other top rate issuers can be found in the tables that follow.

GREATER PHOENIX REGION AVERAGE RESULTS - $10K

Avg Rate This
week
Highest Available
Rate
Highest Available Rate Issuer
Money Market 0.12% 0.4% Sonoran Bank
1 month CD 0.08% 0.2% Enterprise Bank & Trust
3 month CD 0.12% 0.35% FirstBank
6 month CD 0.19% 0.45% FirstBank
1 year CD 0.32% 0.6% Armed Forces Bank, National Association
2 year CD 0.47% 0.9% Armed Forces Bank, National Association
3 year CD 0.65% 1.2% Sonoran Bank
4 year CD 0.82% 1.5% Sonoran Bank
5 year CD 1.01% 2.0% Compass Bank

TOP RATE ISSUERS - $10K





This is a list of issuers with top interest rates in the Greater Phoenix Region area. The issuer's Financial Strength Rating is an independent, unbiased evaluation of quarterly regulatory statements. Institutions are assigned a letter grade of A-E with "A" representing the highest rating based on a review of many aspects of financial safety including capitalization, asset quality, profitability and liquidity. For more information, visit www.weissratings.com/help/what-our-ratings-mean.aspx. Information is believed to be accurate, but not guaranteed.
Money Market Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Sonoran Bank
602-393-6950
www.sonoranbank.com
A- 10000 0.4
FirstBank
480-897-3100
www.efirstbank.com
A- 1000 0.3
Washington Federal, National Association
480-368-2723
www.washingtonfederal.com
B 1000 0.15
Mutual of Omaha Bank
480-458-2080
www.mutualofomahabank.com
C+ 10000 0.15
Compass Bank
480-783-6820
www.bbvacompass.com
C+ 10000 0.15
1 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Enterprise Bank & Trust
602-824-5700
www.enterprisebank.com
B 1000 0.2
AmTrust Bank
480-970-6500
www.mynycb.com
C+ 2500 0.15
Armed Forces Bank, National Association
623-535-9766
www.afbank.com
C 500 0.15
Mutual of Omaha Bank
480-458-2080
www.mutualofomahabank.com
C+ 1000 0.1
Compass Bank
480-783-6820
www.bbvacompass.com
C+ 1 0.1
3 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
FirstBank
480-897-3100
www.efirstbank.com
A- 10000 0.35
Stearns Bank National Association
480-314-4200
www.stearnsbank.com
A- 2500 0.25
Enterprise Bank & Trust
602-824-5700
www.enterprisebank.com
B 1000 0.2
AmTrust Bank
480-970-6500
www.mynycb.com
C+ 2500 0.2
Armed Forces Bank, National Association
623-535-9766
www.afbank.com
C 500 0.2
6 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
FirstBank
480-897-3100
www.efirstbank.com
A- 10000 0.45
Sonoran Bank
602-393-6950
www.sonoranbank.com
A- 500 0.4
Stearns Bank National Association
480-314-4200
www.stearnsbank.com
A- 2500 0.3
MidFirst Bank
602-801-5000
www.midfirst.com
B- 1000 0.3
Enterprise Bank & Trust
602-824-5700
www.enterprisebank.com
B 1000 0.25
1 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Armed Forces Bank, National Association
623-535-9766
www.afbank.com
C 500 0.6
Sonoran Bank
602-393-6950
www.sonoranbank.com
A- 500 0.55
AmTrust Bank
480-970-6500
www.mynycb.com
C+ 500 0.55
Mutual of Omaha Bank
480-458-2080
www.mutualofomahabank.com
C+ 1000 0.55
FirstBank
480-897-3100
www.efirstbank.com
A- 10000 0.5
2 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Armed Forces Bank, National Association
623-535-9766
www.afbank.com
C 500 0.9
Compass Bank
480-783-6820
www.bbvacompass.com
C+ 1 0.85
Sonoran Bank
602-393-6950
www.sonoranbank.com
A- 500 0.75
AmTrust Bank
480-970-6500
www.mynycb.com
C+ 500 0.75
Stearns Bank National Association
480-314-4200
www.stearnsbank.com
A- 2500 0.7
3 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Sonoran Bank
602-393-6950
www.sonoranbank.com
A- 500 1.2
MidFirst Bank
602-801-5000
www.midfirst.com
B- 500 1.15
Stearns Bank National Association
480-314-4200
www.stearnsbank.com
A- 2500 1.05
Armed Forces Bank, National Association
623-535-9766
www.afbank.com
C 500 1.0
AmTrust Bank
480-970-6500
www.mynycb.com
C+ 500 1.0
4 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Sonoran Bank
602-393-6950
www.sonoranbank.com
A- 500 1.5
MidFirst Bank
602-801-5000
www.midfirst.com
B- 500 1.5
Stearns Bank National Association
480-314-4200
www.stearnsbank.com
A- 2500 1.35
AmTrust Bank
480-970-6500
www.mynycb.com
C+ 500 1.35
Washington Federal, National Association
480-368-2723
www.washingtonfederal.com
B 1000 1.35
5 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
MidFirst Bank
602-801-5000
www.midfirst.com
B- 500 2.0
Compass Bank
480-783-6820
www.bbvacompass.com
C+ 1 2.0
Stearns Bank National Association
480-314-4200
www.stearnsbank.com
A- 2500 1.75
Sonoran Bank
602-393-6950
www.sonoranbank.com
A- 500 1.6
Washington Federal, National Association
480-368-2723
www.washingtonfederal.com
B 1000 1.5

Data is surveyed weekly with averages calculated each Monday afternoon from RateWatch's unbiased national interest rate survey of over 96,000 financial institution locations across the United States.

More About CDs:

CDs, or certificate of deposits, are bank-issued promissory notes wherein an investor deposits money for a set amount of time and, provided the money remains untouched, receives interest on the total sum when the investment matures.

While the money can't be accessed during that time (without incurring penalties), the advantage of a CD over a regular savings deposit is the higher rate of interest. Typically, a CD can be taken out on as few as three-month terms but can range to up to five years; generally, the longer the timeframe the higher rate of interest.

CD Laddering:

To provide further financial security, a CD laddering strategy offers conservative investors the opportunity to stagger their capital across numerous deposits set to expire at different intervals. Not only does this hedge against variable rate fluctuations by offering a guaranteed return at a locked-in interest rate, it also increases liquidity given that one CD will mature at predictable and established intervals.

Using an example of a five-year ladder strategy, an investor would divide his or her money amongst one-, two-, three-, four-, and five-year CDs. Once the one-year deposit matures, he or she will reinvest the money into a five-year CD, and will do so every subsequent year upon each CD's maturation. In this way, the investor has a CD that matures each year and thus, steady income from the interest on the maturing investments.

Nevertheless, investors must keep in mind that the onus of developing a ladder strategy is on the investor, not the bank or financial institution. In developing a strategy, map out each rung of the ladder, determining how long you want to invest for, the kind of return you are targeting and the length of time you can tolerate not having access to the principal and interest.

About RateWatch

For over 20 years, RateWatch has been the premier provider of competitive interest rate and product information to financial institutions across the United States. Consistently providing top quality, highly relevant data RateWatch maintains the largest database in the industry with deposit, loan, and fee information monitoring over 96,000 locations. Rate surveys, product comparisons, financial strength reporting, local/regional/national averages, fee reporting, specialty reports and more are available. To learn more about RateWatch, visit www.rate-watch.com. RateWatch is a division of TheStreet, Inc.

*As of 3/4/14 the National Average is calculated using one unique rate per institution removing duplications from institutions with multiple branch locations thus providing an objective/accurate/clear/constant perspective of the average.  Averages are based on Banks, Savings & Loans, Brokers and Internet Banks with assets greater than $1 Billion.

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