NEW YORK, Feb. 11, 2014 /PRNewswire/ -- 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 remained unchanged this week as the Federal Reserve has continued to keep the short-term federal funds rate in a range of zero to 0.25% since late 2008.
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The Federal Open Market Committee has repeatedly said that it would be unlikely to raise the federal funds rate until the U.S. unemployment fell below 6.5%. The Bureau of Labor Statistics last Friday said the unemployment rate declined to 6.6% in January from 6.7% in December.
"While it would appear the Fed is getting close to its target for raising the federal funds rate, officials have also stated that the federal funds rate is not likely to be raised until the central bank completely winds down its purchases of long-term bonds," reported Philip van Doorn, Senior Banking Analyst for TheStreet.
The FOMC in December announced a cut in monthly pace of Federal Reserve bond purchases from $85 billion to $75 billion, and then in January announced another cut in the monthly purchases to $65 billion. Federal Reserve Chair Janet Yellen during testimony before the House Financial Services Committee on Tuesday said the FOMC was likely to continue cutting the bond purchases in increments of $10 billion at each of its policy meetings during 2014.
"That means the bond purchases will end in December, and that an increase in the federal funds rate isn't likely until 2015. So savers are likely to wait until next year to see higher interest rates," added van Doorn.
NATIONAL AVERAGE RESULTS - $10K
This week |
Last week |
|
Money Market |
0.10 |
0.10 |
1 month CD |
0.06 |
0.06 |
3 month CD |
0.09 |
0.09 |
6 month CD |
0.14 |
0.14 |
1 year CD |
0.23 |
0.23 |
2 year CD |
0.37 |
0.37 |
3 year CD |
0.51 |
0.51 |
4 year CD |
0.63 |
0.63 |
5 year CD |
0.82 |
0.82 |
TOP RATE ISSUERS - $10K
This is a list of issuers with top interest rates. The issuer's Financial Strength Rating is an independent, unbiased evaluation of quarterly regulatory statements. Institutions are assigned a letter grade of A-E with "A" representing the highest rating based on a review of many aspects of financial safety including capitalization, asset quality, profitability and liquidity. For more information, visit www.weissratings.com/help/what-our-ratings-mean.aspx. Information is believed to be accurate, but not guaranteed.
Money Market |
Financial Strength Rating |
Minimum to Earn Interest ($) |
APY (%) |
First NBC Bank |
B- |
10000 |
1.260 |
504-671-3550 |
|||
www.firstnbcbank.com |
|||
Salem Five Direct |
B |
1 |
1.000 |
800-850-5000 |
|||
www.salemfivedirect.com |
|||
Doral Bank |
D- |
5000 |
0.940 |
212-584-6820 |
|||
www.doralbankny.com |
|||
Sallie Mae Bank |
A- |
1 |
0.900 |
877-346-2756 |
|||
www.salliemaebank.com |
|||
Mercantil Commercebank, National Association |
C |
10000 |
0.900 |
305-460-8701 |
|||
www.mercantilcb.com |
|||
1 Month CD |
Financial Strength Rating |
Minimum to Earn Interest ($) |
APY (%) |
Beal Bank USA |
C+ |
1000 |
0.400 |
702-598-3500 |
|||
www.bealbank.com |
|||
Umbrellabank.com |
C- |
1000 |
0.400 |
866-862-7355 |
|||
www.umbrellabank.com |
|||
Beal Bank, SSB |
C- |
1000 |
0.400 |
619-894-8066 |
|||
www.bealbank.com |
|||
Merchants Bank of Indiana |
A- |
1 |
0.350 |
765-874-2511 |
|||
www.merchantsbankofindiana.com |
|||
Pinnacle Bank |
B+ |
500 |
0.350 |
402-454-6515 |
|||
www.pinnbank.com |
|||
3 Month CD |
Financial Strength Rating |
Minimum to Earn Interest ($) |
APY (%) |
Beal Bank USA |
C+ |
1000 |
0.510 |
702-598-3500 |
|||
www.bealbank.com |
|||
Umbrellabank.com |
C- |
1000 |
0.510 |
866-862-7355 |
|||
www.umbrellabank.com |
|||
Institution for Savings In Newburyport |
B |
1 |
0.500 |
978-462-3106 |
|||
www.institutionforsavings.com |
|||
Doral Bank |
D- |
500 |
0.500 |
850-914-2525 |
|||
www.doralbankflorida.com |
|||
Firstbank Florida |
D |
1000 |
0.500 |
305-740-9522 |
|||
www.firstbankfla.com |
|||
6 Month CD |
Financial Strength Rating |
Minimum to Earn Interest ($) |
APY (%) |
Doral Bank |
D- |
500 |
1.000 |
212-584-6820 |
|||
www.doralbankny.com |
|||
Beal Bank USA |
C+ |
1000 |
0.750 |
702-598-3500 |
|||
www.bealbank.com |
|||
GE Capital Bank |
A |
500 |
0.700 |
801-517-5000 |
|||
www.gecapitalbank.com |
|||
Colorado Federal Savings Bank |
B- |
5000 |
0.700 |
877-484-2372 |
|||
www.coloradofederalbank.com |
|||
Discover Bank |
C |
500 |
0.650 |
888-765-6654 |
|||
www.discoverbank.com |
|||
1 Year CD |
Financial Strength Rating |
Minimum to Earn Interest ($) |
APY (%) |
Doral Bank |
D- |
500 |
1.200 |
212-584-6820 |
|||
www.doralbankny.com |
|||
Beal Bank USA |
C+ |
1000 |
1.110 |
786-347-3601 |
|||
www.bealbank.com |
|||
CIT Bank |
B+ |
1000 |
1.020 |
801-412-6800 |
|||
www.bankoncit.com |
|||
VirtualBank |
B- |
10000 |
1.010 |
561-776-8860 |
|||
www.virtualbank.com |
|||
GE Capital Bank |
A |
500 |
1.000 |
801-517-5000 |
|||
www.gecapitalbank.com |
|||
2 Year CD |
Financial Strength Rating |
Minimum to Earn Interest ($) |
APY (%) |
Doral Bank |
D- |
500 |
1.450 |
212-584-6820 |
|||
www.doralbankny.com |
|||
CIT Bank |
B+ |
1000 |
1.170 |
801-412-6800 |
|||
www.bankoncit.com |
|||
Barclays Bank Delaware |
C+ |
1 |
1.150 |
888-710-8756 |
|||
www.banking.barclaysus.com |
|||
GE Capital Bank |
A |
500 |
1.150 |
801-517-5000 |
|||
www.gecapitalbank.com |
|||
Guaranty Bond Bank, National Association |
B+ |
1000 |
1.150 |
903-572-9881 |
|||
www.gnty.com |
|||
3 Year CD |
Financial Strength Rating |
Minimum to Earn Interest ($) |
APY (%) |
Northern Bank & Trust Company |
C+ |
500 |
1.600 |
781-937-5423 |
|||
www.nbtc.com |
|||
Doral Bank |
D- |
500 |
1.600 |
212-584-6820 |
|||
www.doralbankny.com |
|||
Oritani Savings Bank |
B+ |
1000 |
1.500 |
201-664-5400 |
|||
www.oritani.com |
|||
Intervest National Bank |
C- |
2500 |
1.450 |
212-218-8383 |
|||
www.intervestnatbank.com |
|||
Community Bank |
C- |
1000 |
1.400 |
800-239-9427 |
|||
www.dodcommunitybank.com |
|||
4 Year CD |
Financial Strength Rating |
Minimum to Earn Interest ($) |
APY (%) |
Institution for Savings In Newburyport |
B |
1 |
2.000 |
978-462-3106 |
|||
www.institutionforsavings.com |
|||
Oritani Savings Bank |
B+ |
1000 |
1.750 |
201-664-5400 |
|||
www.oritani.com |
|||
Nationwide Bank |
B |
10000 |
1.670 |
877-422-6569 |
|||
www.nationwide.com |
|||
Barclays Bank Delaware |
C+ |
1 |
1.650 |
888-710-8756 |
|||
www.banking.barclaysus.com |
|||
Doral Bank |
D- |
500 |
1.650 |
212-584-6820 |
|||
www.doralbankny.com |
|||
5 Year CD |
Financial Strength Rating |
Minimum to Earn Interest ($) |
APY (%) |
Barclays Bank Delaware |
C+ |
1 |
2.150 |
888-710-8756 |
|||
www.banking.barclaysus.com |
|||
iGObanking.com |
C+ |
1000 |
2.150 |
888-432-5890 |
|||
www.igobanking.com |
|||
Flushing Commercial Bank |
C+ |
5000 |
2.150 |
718-512-2929 |
|||
www.flushingbank.com |
|||
EverBank |
C+ |
1500 |
2.120 |
888-882-3837 |
|||
www.everbank.com |
|||
Dime Savings Bank of Williamsburgh |
B- |
500 |
2.100 |
718-782-6200 |
|||
www.dsbwdirect.com |
Financial Strength Rating: A=Excellent, B=Good, C=Fair, D=Weak, E=Very Weak, U=Unrated |
Plus sign "+" = top of range, Minus sign "-" = bottom of range |
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.
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.
About TheStreet
TheStreet, Inc. (www.t.st) is the leading independent digital financial media company providing business and financial news, investing ideas and analysis to personal and institutional investors worldwide. The Company's portfolio of business and personal finance brands includes: TheStreet, RealMoney, RealMoney Pro, Stockpickr, Action Alerts PLUS, Options Profits, MainStreet and RateWatch. To learn more, visit www.thestreet.com. The Deal, the Company's institutional business, provides intraday coverage of mergers and acquisitions and all other changes in corporate control. To learn more, visit www.thedeal.com.
Contact:
Emily Schneider
TheStreet, Inc.
212-321-5521
[email protected]
Joe Deaux
TheStreet, Inc.
212-321-5086
[email protected]
SOURCE TheStreet, Inc.
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