RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST) reported today that national averages this week for 5-year CD rates slightly rose while all other durations remained unchanged as the Federal Reserve continued to keep the short-term federal funds rate at a range of zero to 0.25% since late 2008.
"National averages of CD rates showed virtually no change in the latest averages following one of the quietest economic weeks of the year," reported Joe Deaux, TheStreet's Economics Analyst. "Most savers are waiting for the Federal Reserve's policy-making meeting in two weeks to see if there's any fundamental shift in interest rate policy. Until then, investors can expect little activity in changing 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%||0.55%|
|3 year CD||0.75%||0.75%|
|4 year CD||0.93%||0.93%|
|5 year CD||1.15%||1.14%|
In the Greater Detroit Region area, the average 5-year CD rate sat at 0.81%, lower than the national average of 1.15%. 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.