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.
"CD rates were unchanged during the week despite a sharp drop in oil prices and otherwise unremarkable economic data. The oil price drop is seen as mostly positive for the economy since it typically leads to a rise in spending on other items," said Dan Freed, Senior Staff Reporter for TheStreet.
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 | 0.56% | 0.56% |
| 3 year CD | 0.76% | 0.76% |
| 4 year CD | 0.95% | 0.94% |
| 5 year CD | 1.17% | 1.16% |
In the Greater Memphis Region area, the average 5-year CD rate sat at 0.96%, lower than the national average of 1.17%. Rates on the 5-year CD ranged from 0.15% on the low end to 1.5% at the high end, which can be found at IBERIABANK. The average 3-year CD rate in Greater Memphis Region was 0.69% with a range of 0.12% to 0.95% found at Renasant Bank. And if you are on the market for a 1-year CD, take a look at First Citizens National Bank, which currently offers a rate of 0.45% as compared to the Greater Memphis Region average of 0.37%. Other top rate issuers can be found in the tables that follow.
