NEW YORK - RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST), reported today that national averages for 3 and 5 year CDs increased by one basis point each as the Federal Reserve continued to keep the short-term federal funds rate at a range of zero to 0.25% since late 2008.
"The three and five-year national CD averages each increased one basis point as the Federal Reserve confirmed on Sept. 17 it would end its monthly bond buying campaign after October," TheStreet's Antoine Gara reported. "Downward revisions to the Federal Reserve's 2015 growth forecasts, taken with Chairwoman's Janet Yellen's cautious outlook on the labor market, indicate that short term interest will remain low for an extended period of time even after the Fed ends its monthly bond purchases."
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||0.56%||0.56%|
|3 year CD||0.76%||0.75%|
|4 year CD||0.94%||0.94%|
|5 year CD||1.16%||1.15%|
In the Greater Richmond Region area, the average 5-year CD rate sat at 0.97%, lower than the national average of 1.16%. Rates on the 5-year CD ranged from 0.13% on the low end to 1.81% at the high end, which can be found at Franklin Federal Savings Bank. The average 3-year CD rate in Greater Richmond Region was 0.6% with a range of 0.1% to 1.15% found at Fulton Bank, National Association. And if you are on the market for a 1-year CD, take a look at Gateway Bank & Trust Company, which currently offers a rate of 0.45% as compared to the Greater Richmond Region average of 0.23%. Other top rate issuers can be found in the tables that follow.