NEW YORK, Dec. 18, 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 generally decreased over the previous week with the average national rate on a 1 month, 1 year, 2 year, 4 year, and 5 year CDs falling 0.01 percent based on data collected from over 90,000 financial institution locations.
The Federal Reserve has kept its target federal funds rate in a range of zero to 0.25% since late 2008 and last Wednesday said it anticipated "that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee's 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored."
This is the first time that the central bank has tied its rate policy to a specific benchmark for the unemployment rate.
The Fed also said that it would continue to purchase agency mortgage backed securities at a pace of $40 billion a month, and that it would continue buying long-term U.S. Treasury securities "initially" at a pace of $45 billion a month during 2013. This stance will be even more "highly accommodative" than it has been during 2012, because the central bank will stop making concurrent sales of short-term Treasuries, adding further downward pressure to long-term rates.
NATIONAL AVERAGE RESULTS - $10K
This week | Last week | |
Money Market | 0.13 | 0.13 |
1 month CD | 0.06 | 0.07 |
3 month CD | 0.11 | 0.11 |
6 month CD | 0.17 | 0.17 |
1 year CD | 0.26 | 0.27 |
2 year CD | 0.42 | 0.43 |
3 year CD | 0.57 | 0.57 |
4 year CD | 0.70 | 0.71 |
5 year CD | 0.90 | 0.91 |
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 | 0.560 |
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 | 0.900 |
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 | |||
Sallie Mae Bank | |||
801-281-1423 | A- | 1 | 1.050 |
www.salliemaebank.com | |||
2 Year CD |
Financial Strength Rating |
Minimum to Earn Interest |
APY |
Doral Bank | |||
850-914-2525 | E+ | 500 | 1.300 |
www.doralbankflorida.com | |||
FirstBank Florida | |||
305-740-9522 | D | 1000 | 1.250 |
www.firstbankfla.com | |||
Compass Bank | |||
205-297-1986 | D+ | 5000 | 1.250 |
www.bbvacompass.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 | |||
Institution for Savings In Newburyport | |||
978-462-3106 | B | 1 | 2.000 |
www.institutionforsavings.com | |||
Compass Bank | |||
205-297-1986 | D+ | 5000 | 2.000 |
www.bbvacompass.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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