NEW YORK - RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST), reported today that 3-month CD rates increased by one basis point while national averages for 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.
"The 3-month CD rate increased one basis point, however, national averages of CD rates generally remain steady as the Federal Reserve continues to reduce its monthly bond purchases," said Antoine Gara, Reporter for TheStreet. "In the face of strengthening economic activity and strong hiring gains, the Fed continues to see significant underutilization in the labor market, indicating rates won't change for a considerable time after the end of the Fed's economic stimulus program. The Fed may give further insight into its thinking on interest rates at an annual Aug. 21 gathering in Wyoming hosted by the Federal Reserve Bank of Kansas City."
NATIONAL AVERAGE RESULTS - $10K
|Avg Rate This week||Avg Rate Last week|
|1 month CD||0.11%||0.11%|
|3 month CD||0.15%||0.14%|
|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%||1.15%|
In the Greater Richmond Region area, the average 5-year CD rate sat at 0.99%, lower than the national average of 1.15%. Rates on the 5-year CD ranged from 0.13% on the low end to 1.85% at the high end, which can be found at Gateway Bank & Trust Company. The average 3-year CD rate in Greater Richmond Region was 0.61% with a range of 0.1% to 1.15% found at Fulton Bank, National Association. And if you are on the market for a 1-year CD, take a look at Gateway Bank & Trust Company, which currently offers a rate of 0.45% as compared to the Greater Richmond Region average of 0.23%. Other top rate issuers can be found in the tables that follow.