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.
"National averages of CD rates generally were unchanged as investors await further insight into the Federal Reserve's thinking on interest rates at an annual Aug. 21 gathering in Wyoming hosted by the Federal Reserve Bank of Kansas City," reported Antoine Gara, reporter for TheStreet. "The Fed, while it continues to reduce its monthly bond purchases in the face of a strengthening U.S. economy, continues to see significant underutilization in the labor market, indicating rates won't change for a considerable time after the end of its economic stimulus program."
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 Chicago Region area, the average 5-year CD rate sat at 1.01%, lower than the national average of 1.15%. Rates on the 5-year CD ranged from 0.13% on the low end to 2.14% at the high end, which can be found at Charles Schwab. The average 3-year CD rate in Greater Chicago Region was 0.62% with a range of 0.05% to 1.46% found at First Bank of Highland Park. And if you are on the market for a 1-year CD, take a look at National Republic Bank of Chicago, which currently offers a rate of 0.85% as compared to the Greater Chicago Region average of 0.27%. Other top rate issuers can be found in the tables that follow.