NEW YORK, Nov. 27, 2012 (GLOBE NEWSWIRE) -- RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (Nasdaq:TST), reported today that interest rates for savings products continue to hold steady at record lows with the average national rate on both a 6 month CD and 5 year CD falling 0.01 percent based on data collected from over 90,000 financial institution locations.
Low deposit rates are a fixture in the current economic environment, with the Federal Reserve keeping its target short-term federal fund rates in a range of zero to 0.25% since late 2008. The Fed is likely to maintain its "highly accommodative" monetary policy until at least 2014.
According to the Federal Reserve Open Market Committee's minutes for its meetings on Oct. 23 and Oct. 24, "economic activity was projected to accelerate gradually," in 2014, "supported by a lessening in fiscal policy restraint, gains in consumer and business confidence, further improvements in financial conditions and credit availability," in addition to the very low short-term interest rates.
The Federal Reserve has also recently strengthened its effort to keep long-term rates at historically low levels, by increasing its monthly purchases of mortgage-backed securities by $40 billion a month, beginning in September, while maintaining its program to extend the average maturity of the central bank's holdings of U.S. Treasury bonds.
With the continued uncertainty in Europe, significant currency advantages, and low real estate prices in many regions of the United States, foreign investment money continues to flow into the country, which also keeps rates low.
NATIONAL AVERAGE RESULTS - $10K
This week | Last week | |
Money Market | 0.13 | 0.13 |
1 month CD | 0.08 | 0.07 |
3 month CD | 0.11 | 0.11 |
6 month CD | 0.17 | 0.18 |
1 year CD | 0.27 | 0.27 |
2 year CD | 0.43 | 0.43 |
3 year CD | 0.58 | 0.58 |
4 year CD | 0.72 | 0.72 |
5 year CD | 0.92 | 0.93 |
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 |
Sallie Mae Bank | |||
801-281-1423 | A- | 1 | 1.050 |
www.salliemaebank.com | |||
Green Bank, National Association | |||
713-275-8370 | C | 500 | 1.000 |
www.greenbank.com | |||
Ally Bank | |||
877-247-2559 | B | 1 | 0.950 |
www.ally.com | |||
1 Month CD |
Financial Strength Rating |
Minimum to Earn Interest |
APY |
Carter Bank & Trust | |||
828-325-9800 | C | 2500 | 0.750 |
www.carterbankandtrust.com | |||
First NBC Bank | |||
504-671-3550 | C+ | 1000 | 0.510 |
www.firstnbcbank.com | |||
Pinnacle Bank | |||
402-529-3581 | B- | 500 | 0.500 |
www.pinnbank.com | |||
3 Month CD |
Financial Strength Rating |
Minimum to Earn Interest |
APY |
Carter Bank & Trust | |||
828-325-9800 | C | 2500 | 0.750 |
www.carterbankandtrust.com | |||
Eloan.com | |||
888-533-5333 | D+ | 10000 | 0.650 |
www.eloan.com | |||
EverBank | |||
888-882-3837 | D | 1500 | 0.570 |
www.everbank.com | |||
6 Month CD |
Financial Strength Rating |
Minimum to Earn Interest |
APY |
Carter Bank & Trust | |||
828-325-9800 | C | 2500 | 1.000 |
www.carterbankandtrust.com | |||
Doral Bank | |||
212-329-3700 | E+ | 1000 | 0.910 |
www.doralbankdirect.com | |||
Beal Bank USA | |||
702-598-3500 | B | 1000 | 0.750 |
www.bealbankusa.com ; | |||
1 Year CD |
Financial Strength Rating |
Minimum to Earn Interest |
APY |
Beal Bank USA | |||
786-347-3601 | B | 1000 | 1.110 |
www.bealbankusa.com | |||
Carter Bank & Trust | |||
828-325-9800 | C | 100 | 1.100 |
www.carterbankandtrust.com | |||
CIT Bank | |||
801-412-6800 | B+ | 1000 | 1.060 |
www.bankoncit.com | |||
2 Year CD |
Financial Strength Rating |
Minimum to Earn Interest |
APY |
Doral Bank | |||
850-914-2525 | E+ | 500 | 1.250 |
www.doralbankflorida.com | |||
First Bank of Montana | |||
406-357-2244 | C | 500 | 1.250 |
www.1stbmt.com | |||
FirstBank Florida | |||
305-740-9522 | D | 1000 | 1.250 |
www.firstbankfla.com | |||
3 Year CD |
Financial Strength Rating |
Minimum to Earn Interest |
APY |
First NBC Bank | |||
504-671-3550 | C+ | 10000 | 1.970 |
www.firstnbcbank.com | |||
Signature Bank | |||
646-822-1500 | B+ | 5000 | 1.660 |
www.signatureny.com | |||
Doral Bank | |||
850-914-2525 | E+ | 500 | 1.500 |
www.doralbankflorida.com | |||
4 Year CD |
Financial Strength Rating |
Minimum to Earn Interest |
APY |
Institution for Savings In Newburyport | |||
978-462-3106 | B | 1 | 1.750 |
www.institutionforsavings.com | |||
Yakima Federal Savings & Loan Association | |||
509-248-2634 | A- | 10000 | 1.750 |
www.yakimafed.com | |||
First Guaranty Bank | |||
985-345-7685 | C- | 500 | 1.700 |
www.fgb.net | |||
5 Year CD |
Financial Strength Rating |
Minimum to Earn Interest |
APY |
First NBC Bank | |||
504-671-3550 | C+ | 10000 | 2.120 |
www.firstnbcbank.com | |||
Pinnacle Bank | |||
402-529-3581 | B- | 500 | 2.020 |
www.pinnbank.com | |||
Institution for Savings In Newburyport | |||
978-462-3106 | B | 1 | 2.000 |
www.institutionforsavings.com |
Financial Strength Rating: A=Excellent, B=Good, C=Fair, D=Weak, E=Very Weak
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 90,000 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 90,000 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.
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