1 Year CD Rates at Banks Still Best Certificate of Deposit Deal
1 year CD rates at banks are still the best certificate of deposit deal for the term. Let's face it, all CD rates are low these days but you're probably better off sticking with 1 year certificates of deposit instead of longer term certificates of deposit. Bank CD rates will probably stay low for another three years since the Federal Reserve is keeping the Fed funds rate at near zero percent until then.
If the economy picks up steam before mid-2015 which is quite possible, CD rates will move higher. Two recent positive housing reports and a positive consumer confidence report last week points to better times ahead. For now the best CD rates on 1 year certificates of deposit are averaging just above 1.00 percent which doesn't sound that great but when you compare the rate to the current national average 12 month bank CD rate of 0.26 percent things start to look a lot better.
Right now the highest CD rates on our 1 year certificate of deposit rate list are at 1.10 percent with an APY of 1.11 percent. AloStar Bank of Commerce is offering 1 year bank CD rates at 1.10 percent with an APY of 1.11 percent. AloStar Bank's CD rate is more than 4 times the FDIC national average rate. In fact, AloStar Bank's rate is also higher than the FDIC's 5 year national average rate of 0.94 percent.
The second best CD rate on our national rate list is from CIT Bank and Bank of Internet USA. The banking arm of the small and medium business loan company CIT and Bank of Internet are offering 12 month CD rates at 1.09 percent with an APY of 1.10 percent. CIT Bank's CD rate on 1 year certificates of deposit is also more than 4 times the FDIC average.
CD Rates at Banks Highest 1 Year Rates
The CD bank rates listed above are all several times the FDIC's national average 1 year CD rate and also higher than FDIC's national average 5 year CD rate. You can find a list of the best CD rates for all certificate of deposit terms on our rate tables.
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