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 nearly two months, national averages of CD rates have remained unchanged, suggesting that banks don't see the Fed raising its benchmark interest rate any time soon," reported Joe Deaux, TheStreet's Economics Analyst. "This will require savers to stay patient for many more months until the Fed produces more signals as to how long it will wait to raise rates after it concludes economic stimulus."
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 Detroit Region area, the average 5-year CD rate sat at 0.8%, lower than the national average of 1.14%. Rates on the 5-year CD ranged from 0.1% on the low end to 1.4% at the high end, which can be found at Flagstar Bank, FSB. The average 3-year CD rate in Greater Detroit Region was 0.44% with a range of 0.05% to 0.9% found at Flagstar Bank, FSB. And if you are on the market for a 1-year CD, take a look at Independent Bank, which currently offers a rate of 0.35% as compared to the Greater Detroit Region average of 0.2%. Other top rate issuers can be found in the tables that follow.