CD RATES STEADY AS FED CONFIRMS END TO MONTHLY BOND BUYING CAMPAIGN
TheStreet and RateWatch Report Top National & Regional CD Rate Issuers
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 were unchanged after the Federal Reserve confirmed it would end its monthly bond buying campaign after October, and the central bank announced that Charles Plosser, president of the Federal Reserve Bank of Philadelphia, and Richard Fisher, president of the Federal Reserve Bank of Dallas would step down by April," TheStreet's Antoine Gara reported.
"Plosser and Fisher were two dissenters at the Fed's September meeting, given their belief it should move quicker to end stimulus to the U.S. economy. Chairwoman's Janet Yellen's cautious outlook on the labor market, however, indicates that short term interest will remain low for an extended period of time even after the Fed ends its monthly bond purchases," added Gara.
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%||0.76%|
|4 year CD||0.94%||0.94%|
|5 year CD||1.16%||1.16%|
In the Greater Virginia Beach Region area, the average 5-year CD rate sat at 0.93%, lower than the national average of 1.16%. Rates on the 5-year CD ranged from 0.13% on the low end to 2.01% at the high end, which can be found at Yadkin Bank. The average 3-year CD rate in Greater Virginia Beach Region was 0.55% 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 Armed Forces Bank, National Association, which currently offers a rate of 0.6% as compared to the Greater Virginia Beach Region average of 0.21%. Other top rate issuers can be found in the tables that follow.