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|
|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 Richmond Region area, the average 5-year CD rate sat at 0.98%, lower than the national average of 1.13%. Rates on the 5-year CD ranged from 0.15% on the low end to 1.81% at the high end, which can be found at Franklin Federal Savings Bank. The average 3-year CD rate in Greater Richmond Region was 0.59% with a range of 0.13% to 1.1% found at Essex Bank. And if you are on the market for a 1-year CD, take a look at Essex Bank, which currently offers a rate of 0.65% as compared to the Greater Richmond Region average of 0.24%. Other top rate issuers can be found in the tables that follow.