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 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||0.55%||0.56%|
|3 year CD||0.75%||0.75%|
|4 year CD||0.93%||0.92%|
|5 year CD||1.14%||1.14%|
In the Greater Cleveland Region area, the average 5-year CD rate sat at 0.91%, lower than the national average of 1.14%. Rates on the 5-year CD ranged from 0.1% on the low end to 1.6% at the high end, which can be found at Dollar Bank, Federal Savings Bank. The average 3-year CD rate in Greater Cleveland Region was 0.46% with a range of 0.05% to 0.85% found at Ohio Savings Bank. And if you are on the market for a 1-year CD, take a look at Ohio Savings Bank, which currently offers a rate of 0.4% as compared to the Greater Cleveland Region average of 0.18%. Other top rate issuers can be found in the tables that follow.