5-Year CD Rates in Greater Detroit 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.

"National CD rates remained unchanged over a Labor Day shortened week as investors await further data on the U.S. economy," said Antoine Gara, Reporter for TheStreet. "Federal Reserve Chair Janet Yellen said the central bank continues to see significant slack in the labor market at its Jackson Hole summit in late August. Those comments underscore traders' expectations that short term interest will remain low for an extended period of time even after the Fed ends its monthly bond purchases this fall."

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 Detroit Region area, the average 5-year CD rate sat at 0.81%, lower than the national average of 1.15%. Rates on the 5-year CD ranged from 0.1% on the low end to 1.4% at the high end, which can be found at Flagstar Bank, FSB. The average 3-year CD rate in Greater Detroit Region was 0.45% with a range of 0.05% to 0.9% found at Flagstar Bank, FSB. And if you are on the market for a 1-year CD, take a look at Independent Bank, which currently offers a rate of 0.35% as compared to the Greater Detroit Region average of 0.19%. Other top rate issuers can be found in the tables that follow.

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