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 were unchanged after Janet Yellen gave little indication that the Federal Reserve has changed its thinking about the direction of short-term interest rates at its Aug. 21 gathering in Jackson Hole, Wyoming," reported Antoine Gara, Reporter for TheStreet. "While the Fed continues to reduce its monthly bond purchases, Yellen said the central bank will continue to provide substantial help to the labor market, citing significant slack in the economy and the job market. The chairwoman's comments indicate that the Fed will continue to keep rates low 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 Minneapolis Region area, the average 5-year CD rate sat at 1.05%, lower than the national average of 1.15%. Rates on the 5-year CD ranged from 0.13% on the low end to 1.75% at the high end, which can be found at Stearns Bank National Association. The average 3-year CD rate in Greater Minneapolis Region was 0.65% with a range of 0.1% to 1.05% found at Stearns Bank National Association. And if you are on the market for a 1-year CD, take a look at TCF National Bank, which currently offers a rate of 0.5% as compared to the Greater Minneapolis Region average of 0.29%. Other top rate issuers can be found in the tables that follow.