NEW YORK - RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST) reported today that national averages this week for CD rates of all 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.
"For the seventh-straight week national averages of CD rates remained unchanged. Banks aren't budging on significant rate changes for savers seeking a place to park their cash," reported Joe Deaux, Economics Analyst for TheStreet. "Fed Chairman Janet Yellen addresses the press in two weeks, when investors should listen for any new language about when the central bank will raise the benchmark interest rate."
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%||0.55%|
|3 year CD||0.75%||0.75%|
|4 year CD||0.93%||0.93%|
|5 year CD||1.14%||1.14%|
In the Greater Memphis Region area, the average 5-year CD rate sat at 0.93%, lower than the national average of 1.14%. Rates on the 5-year CD ranged from 0.15% on the low end to 1.35% at the high end, which can be found at Renasant Bank. The average 3-year CD rate in Greater Memphis Region was 0.67% with a range of 0.13% to 0.95% found at Renasant Bank. And if you are on the market for a 1-year CD, take a look at First Citizens National Bank, which currently offers a rate of 0.45% as compared to the Greater Memphis Region average of 0.38%. Other top rate issuers can be found in the tables that follow.