5-Year CD Rates in Greater Pittsburgh 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.

"CD rates were unchanged in all maturities over the past week amid generally positive economic data, including third quarter GDP growth of 5%," said Dan Freed, Senior Staff Reporter for TheStreet.com.

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% 0.95%
5 year CD 1.17% 1.17%

In the Greater Pittsburgh Region area, the average 5-year CD rate sat at 1.03%, lower than the national average of 1.17%. Rates on the 5-year CD ranged from 0.1% on the low end to 1.75% at the high end, which can be found at Dollar Bank, Federal Savings Bank. The average 3-year CD rate in Greater Pittsburgh Region was 0.55% with a range of 0.1% to 1.0% found at Dollar Bank, Federal Savings Bank. And if you are on the market for a 1-year CD, take a look at AmeriServ Financial Bank, which currently offers a rate of 0.25% as compared to the Greater Pittsburgh Region average of 0.23%. Other top rate issuers can be found in the tables that follow.

GREATER PITTSBURGH REGION AVERAGE RESULTS - $10K

Avg Rate This
week
Highest Available
Rate
Highest Available Rate Issuer
Money Market 0.11% 0.2% AmeriServ Financial Bank
1 month CD 0.08% 0.05% Woodforest National Bank
3 month CD 0.09% 0.15% S&T Bank
6 month CD 0.13% 0.2% AmeriServ Financial Bank
1 year CD 0.23% 0.25% AmeriServ Financial Bank
2 year CD 0.37% 0.5% Dollar Bank, Federal Savings Bank
3 year CD 0.55% 1.0% Dollar Bank, Federal Savings Bank
4 year CD 0.82% 1.55% AmeriServ Financial Bank
5 year CD 1.03% 1.75% Dollar Bank, Federal Savings Bank

TOP RATE ISSUERS - $10K

This is a list of issuers with top interest rates in the Greater Pittsburgh Region area. The issuer's Financial Strength Rating is an independent, unbiased evaluation of quarterly regulatory statements. Institutions are assigned a letter grade of A-E with "A" representing the highest rating based on a review of many aspects of financial safety including capitalization, asset quality, profitability and liquidity. For more information, visit www.weissratings.com/help/what-our-ratings-mean.aspx. Information is believed to be accurate, but not guaranteed.

Money Market Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Northwest Savings Bank
724-543-9133
www.northwestsavingsbank.com
B 10000 0.2
AmeriServ Financial Bank
800-837-2265
www.ameriservfinancial.com
B- 1 0.2
WesBanco Bank, Inc
724-225-4220
www.wesbanco.com
B- 1000 0.15
First Niagara Bank, National Association
412-366-7800
www.firstniagara.com
C 5000 0.1
S&T Bank
724-545-3466
www.stbank.com
B- 10000 0.05
1 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Northwest Savings Bank
724-543-9133
www.northwestsavingsbank.com
B 2500 0.05
First Niagara Bank, National Association
412-366-7800
www.firstniagara.com
C 500 0.05
PNC Bank, National Association
412-762-2021
www.pnc.com
C 1000 0.05
First Commonwealth Bank
724-226-4300
www.fcbanking.com
B- 2500 0.05
United Bank
724-569-9551
www.unitedbank-wv.com
B- 500 0.05
3 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
AmeriServ Financial Bank
800-837-2265
www.ameriservfinancial.com
B- 2500 0.15
S&T Bank
724-545-3466
www.stbank.com
B- 1000 0.15
PNC Bank, National Association
412-762-2021
www.pnc.com
C 10000 0.06
Northwest Savings Bank
724-543-9133
www.northwestsavingsbank.com
B 2500 0.05
First Niagara Bank, National Association
412-366-7800
www.firstniagara.com
C 500 0.05
6 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
AmeriServ Financial Bank
800-837-2265
www.ameriservfinancial.com
B- 1000 0.2
S&T Bank
724-545-3466
www.stbank.com
B- 1000 0.15
Northwest Savings Bank
724-543-9133
www.northwestsavingsbank.com
B 500 0.1
United Bank
724-569-9551
www.unitedbank-wv.com
B- 500 0.1
Home Savings & Loan Company of Youngstown, Ohio
724-770-0700
www.homesavings.com
C 500 0.1
1 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
AmeriServ Financial Bank
800-837-2265
www.ameriservfinancial.com
B- 1000 0.25
Northwest Savings Bank
724-543-9133
www.northwestsavingsbank.com
B 500 0.2
Home Savings & Loan Company of Youngstown, Ohio
724-770-0700
www.homesavings.com
C 500 0.2
WesBanco Bank, Inc
724-225-4220
www.wesbanco.com
B- 1000 0.2
First National Bank of Pennsylvania
724-794-1140
www.fnb-online.com
C+ 500 0.2
2 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Dollar Bank, Federal Savings Bank
412-261-7538
www.dollarbank.com
B 2500 0.5
AmeriServ Financial Bank
800-837-2265
www.ameriservfinancial.com
B- 1000 0.45
First National Bank of Pennsylvania
724-794-1140
www.fnb-online.com
C+ 500 0.45
WesBanco Bank, Inc
724-225-4220
www.wesbanco.com
B- 1000 0.4
ESB Bank
412-782-6500
www.esbbank.com
B 500 0.4
3 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Dollar Bank, Federal Savings Bank
412-261-7538
www.dollarbank.com
B 2500 1.0
AmeriServ Financial Bank
800-837-2265
www.ameriservfinancial.com
B- 1000 0.85
First National Bank of Pennsylvania
724-794-1140
www.fnb-online.com
C+ 500 0.75
ESB Bank
412-782-6500
www.esbbank.com
B 500 0.7
WesBanco Bank, Inc
724-225-4220
www.wesbanco.com
B- 1000 0.5
4 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
AmeriServ Financial Bank
800-837-2265
www.ameriservfinancial.com
B- 1000 1.55
Dollar Bank, Federal Savings Bank
412-261-7538
www.dollarbank.com
B 2500 1.5
First National Bank of Pennsylvania
724-794-1140
www.fnb-online.com
C+ 500 1.0
ESB Bank
412-782-6500
www.esbbank.com
B 500 0.9
WesBanco Bank, Inc
724-225-4220
www.wesbanco.com
B- 1000 0.9
5 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Dollar Bank, Federal Savings Bank
412-261-7538
www.dollarbank.com
B 2500 1.75
WesBanco Bank, Inc
724-225-4220
www.wesbanco.com
B- 1000 1.35
AmeriServ Financial Bank
800-837-2265
www.ameriservfinancial.com
B- 1000 1.2
First National Bank of Pennsylvania
724-794-1140
www.fnb-online.com
C+ 500 1.1
ESB Bank
412-782-6500
www.esbbank.com
B 500 1.0

Data is surveyed weekly with averages calculated each Monday afternoon from RateWatch's unbiased national interest rate survey of over 96,000 financial institution locations across the United States.

More About CDs:

CDs, or certificate of deposits, are bank-issued promissory notes wherein an investor deposits money for a set amount of time and, provided the money remains untouched, receives interest on the total sum when the investment matures.

While the money can't be accessed during that time (without incurring penalties), the advantage of a CD over a regular savings deposit is the higher rate of interest. Typically, a CD can be taken out on as few as three-month terms but can range to up to five years; generally, the longer the timeframe the higher rate of interest.

CD Laddering:

To provide further financial security, a CD laddering strategy offers conservative investors the opportunity to stagger their capital across numerous deposits set to expire at different intervals. Not only does this hedge against variable rate fluctuations by offering a guaranteed return at a locked-in interest rate, it also increases liquidity given that one CD will mature at predictable and established intervals.

Using an example of a five-year ladder strategy, an investor would divide his or her money amongst one-, two-, three-, four-, and five-year CDs. Once the one-year deposit matures, he or she will reinvest the money into a five-year CD, and will do so every subsequent year upon each CD's maturation. In this way, the investor has a CD that matures each year and thus, steady income from the interest on the maturing investments.

Nevertheless, investors must keep in mind that the onus of developing a ladder strategy is on the investor, not the bank or financial institution. In developing a strategy, map out each rung of the ladder, determining how long you want to invest for, the kind of return you are targeting and the length of time you can tolerate not having access to the principal and interest.

About RateWatch

For over 20 years, RateWatch has been the premier provider of competitive interest rate and product information to financial institutions across the United States. Consistently providing top quality, highly relevant data RateWatch maintains the largest database in the industry with deposit, loan, and fee information monitoring over 96,000 locations. Rate surveys, product comparisons, financial strength reporting, local/regional/national averages, fee reporting, specialty reports and more are available. To learn more about RateWatch, visit www.rate-watch.com. RateWatch is a division of TheStreet, Inc.

More from Personal Finance

Are Starter Homes Still Worth It?

Are Starter Homes Still Worth It?

How to Wire Money Safely, Affordably and Quickly

How to Wire Money Safely, Affordably and Quickly

Should You Take a Mini-Retirement?

Should You Take a Mini-Retirement?

The Most Expensive Places for Families to live in the U.S.

The Most Expensive Places for Families to live in the U.S.

Best Ways to Save for Retirement - Even When You're Living Paycheck to Paycheck

Best Ways to Save for Retirement - Even When You're Living Paycheck to Paycheck