5-Year CD Rates in Greater Providence Region Lower Than National Average

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
Money Market 0.15% 0.15%
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 Providence Region area, the average 5-year CD rate sat at 1.15%, lower than the national average of 1.15%. Rates on the 5-year CD ranged from 0.1% on the low end to 1.7% at the high end, which can be found at BankNewport. The average 3-year CD rate in Greater Providence Region was 0.75% with a range of 0.1% to 1.01% found at Bristol County Savings Bank. And if you are on the market for a 1-year CD, take a look at Bank Rhode Island, which currently offers a rate of 0.5% as compared to the Greater Providence Region average of 0.33%. Other top rate issuers can be found in the tables that follow.

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