NEW YORK – RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST), reported today that national averages for CD rates of all durations this week 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.
"Savers remain in limbo because the Federal Reserve has repeated that it won’t lift the federal funds rate anytime soon, but a growing number of economists are arguing that the central bank will have to increase interest rates sooner than many market participants anticipate," reported Joe Deaux, TheStreet’s Economics Analyst. "For now, savers can expect few changes in average national CD rates, but they also shouldn’t be shocked if that shifts by the end of 2014."
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%||1.15%|
In the Greater Memphis Region area, the average 5-year CD rate sat at 0.93%, lower than the national average of 1.15%. Rates on the 5-year CD ranged from 0.13% 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 0.68% with a range of 0.1% 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.