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

RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST) reported today national averages this week for 2-year CD rates dropped and 4-year CD rates gained, while all other durations remained unchanged as the Federal Reserve has continued to keep the short-term federal funds rate at a range of zero to 0.25% since late 2008.

"Major U.S. stock markets tumbled last week, but the rate environment remains on track at the moment. Details from the Fed's last meeting showed that members believed their economic forecast overstated the pace of the rise in rates," reported Joe Deaux, TheStreet's Economics Analyst. "Despite this update, savers can remain confident that the U.S. is headed to a rising rate environment, which eventually will boost CD rates."

NATIONAL AVERAGE RESULTS - $10K

Avg Rate This weekAvg Rate Last week
Money Market0.15%0.15%
1 month CD0.11%0.11%
3 month CD0.15%0.15%
6 month CD0.23%0.23%
1 year CD0.36%0.36%
2 year CD0.55%0.56%
3 year CD0.75%0.75%
4 year CD0.93%0.92%
5 year CD1.14%1.14%

In the Greater Washington Region area, the average 5-year CD rate sat at 1.0%, lower than the national average of 1.14%. Rates on the 5-year CD ranged from 0.15% on the low end to 2.0% at the high end, which can be found at Columbia Bank. The average 3-year CD rate in Greater Washington Region was 0.61% with a range of 0.05% to 1.25% found at Woori America Bank. And if you are on the market for a 1-year CD, take a look at Woori America Bank, which currently offers a rate of 0.75% as compared to the Greater Washington Region average of 0.29%. Other top rate issuers can be found in the tables that follow.

GREATER WASHINGTON REGION AVERAGE RESULTS - $10K

Avg Rate This
week
Highest Available
Rate
Highest Available Rate Issuer
Money Market0.13%0.3%Carter Bank & Trust
1 month CD0.09%0.25%Burke & Herbert Bank & Trust Company
3 month CD0.11%0.25%Burke & Herbert Bank & Trust Company
6 month CD0.16%0.5%Woori America Bank
1 year CD0.29%0.75%Woori America Bank
2 year CD0.45%1.0%Woori America Bank
3 year CD0.61%1.25%Woori America Bank
4 year CD0.77%1.3%Fulton Bank, National Association
5 year CD1.0%2.0%Columbia Bank

TOP RATE ISSUERS - $10K

This is a list of issuers with top interest rates in the Greater Washington 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 MarketFinancial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Carter Bank & Trust
540-898-6366
www.carterbankandtrust.com
C+25000.3
WashingtonFirst Bank
202-587-7000
www.washingtonfirstbank.com
C+25000.25
Woori America Bank
301-933-1175
B20000.25
Essex Bank
301-868-9010
www.essexbank.com
C+50000.2
Middleburg Bank
703-777-6327
www.middleburgbank.com
C+25000.2
1 Month CDFinancial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Carter Bank & Trust
540-898-6366
www.carterbankandtrust.com
C+25000.25
Burke & Herbert Bank & Trust Company
703-549-6600
www.burkeandherbertbank.com
A-5000.25
Armed Forces Bank, National Association
703-351-8080
www.afbank.com
C+5000.15
WashingtonFirst Bank
202-587-7000
www.washingtonfirstbank.com
C+10000.1
Capital ONe, National Association
301-255-1080
www.capitalone.com
C+10000.1
3 Month CDFinancial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Carter Bank & Trust
540-898-6366
www.carterbankandtrust.com
C+25000.25
Burke & Herbert Bank & Trust Company
703-549-6600
www.burkeandherbertbank.com
A-5000.25
Woori America Bank
301-933-1175
B10000.25
Armed Forces Bank, National Association
703-351-8080
www.afbank.com
C+5000.2
Middleburg Bank
703-777-6327
www.middleburgbank.com
C+5000.2
6 Month CDFinancial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Woori America Bank
301-933-1175
B10000.5
Burke & Herbert Bank & Trust Company
703-549-6600
www.burkeandherbertbank.com
A-5000.35
Carter Bank & Trust
540-898-6366
www.carterbankandtrust.com
C+25000.3
Middleburg Bank
703-777-6327
www.middleburgbank.com
C+5000.3
Essex Bank
301-868-9010
www.essexbank.com
C+5000.3
1 Year CDFinancial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Woori America Bank
301-933-1175
B10000.75
Armed Forces Bank, National Association
703-351-8080
www.afbank.com
C+5000.6
Carter Bank & Trust
540-898-6366
www.carterbankandtrust.com
C+1000.55
Essex Bank
301-868-9010
www.essexbank.com
C+5000.55
WashingtonFirst Bank
202-587-7000
www.washingtonfirstbank.com
C+10000.55
2 Year CDFinancial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Woori America Bank
301-933-1175
B10001.0
Armed Forces Bank, National Association
703-351-8080
www.afbank.com
C+5000.9
WashingtonFirst Bank
202-587-7000
www.washingtonfirstbank.com
C+10000.75
Carter Bank & Trust
540-898-6366
www.carterbankandtrust.com
C+1000.7
Essex Bank
301-868-9010
www.essexbank.com
C+5000.7
3 Year CDFinancial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Woori America Bank
301-933-1175
B10001.25
Essex Bank
301-868-9010
www.essexbank.com
C+5001.1
WashingtonFirst Bank
202-587-7000
www.washingtonfirstbank.com
C+10001.05
Armed Forces Bank, National Association
703-351-8080
www.afbank.com
C+5001.0
Carter Bank & Trust
540-898-6366
www.carterbankandtrust.com
C+1000.9
4 Year CDFinancial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Fulton Bank, National Association
703-318-8881
www.fultonbank.com
B-10001.3
Woori America Bank
301-933-1175
B10001.25
WashingtonFirst Bank
202-587-7000
www.washingtonfirstbank.com
C+10001.25
Sandy Spring Bank
301-774-6400
www.sandyspringbank.com
B10001.25
Armed Forces Bank, National Association
703-351-8080
www.afbank.com
C+5001.1
5 Year CDFinancial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Columbia Bank
301-228-2450
www.thecolumbiabank.com
B-5002.0
Fulton Bank, National Association
703-318-8881
www.fultonbank.com
B-10001.75
WashingtonFirst Bank
202-587-7000
www.washingtonfirstbank.com
C+10001.55
Sandy Spring Bank
301-774-6400
www.sandyspringbank.com
B10001.55
Cardinal Bank
703-934-9200
www.cardinalbank.com
A-10001.35

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.

National Average is calculated using one unique rate per institution. Averages and Top Rate Issuers are based on Banks, Savings & Loans, Brokers and Internet Banks with assets greater than $1 Billion.

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