RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST) reported today that national averages for two-year CD rates increased by one basis point, while all other durations remained unchanged this week 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.
"The tick higher in 2-year CDs simply offset last week's one-basis point decline. Looking past the one-week move, savers should listen closely to Federal Reserve Chairwoman Janet Yellen on Wednesday as she holds her first press conference," reported Joe Deaux, TheStreet's Economics Analyst. "While economists expect the central bank to continue tapering its economic stimulus program, many are uncertain how Yellen intends to address when the Fed will raise its key interest rate. Any indication of the time period for a rate hike will be critical news for anyone hoping to boost yield on cash savings."
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 Providence Region area, the average 5-year CD rate sat at 1.05%, lower than the national average of 1.13%. Rates on the 5-year CD ranged from 0.1% on the low end to 1.7% at the high end, which can be found at BankNewport. The average 3-year CD rate in Greater Providence Region was 0.72% with a range of 0.05% to 1.35% found at Savings Institute Bank & Trust Company. And if you are on the market for a 1-year CD, take a look at Bank Rhode Island, which currently offers a rate of 0.5% as compared to the Greater Providence Region average of 0.33%. Other top rate issuers can be found in the tables that follow.