Top One Year CD Rates – February 9, 2010

top-one-year-cd-rates-february-9-2010The average 12 month CD rate was up this week over last week. In fact, all certificate of deposit terms were higher with the exception of 6 month CD rates. A nice change of pace since CD rates have been heading down for over a year now.

The Federal Open Market Committee (FOMC) recently decided to keep the Fed funds rate in a targeted range of zero percent to one quarter percent which we expected. That being said, we were surprised to see CD rates higher in this week's CD rates report.




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The FOMC will meet again in mid March, late April and late June. We believe the Fed will start raising the Fed funds rate by the June meeting although that could change if the economic recovery is slower than expected.

The current average 12 month certificate of deposit rate is 1.076  percent this week, up from the previous week's average 12 month CD rate of 1.008 percent. Here is a list of the top CD rates in Newark, New Jersey above and below the national average rate:

CD Rates Above the Average Rate


UFB Direct  1.81% APY Min $8000    
Bay Ridge Federal Credit Union  1.75% APY Min $500    
Tennessee Commerce Bank  1.70% APY Min $2500    
Discover Bank  1.70% APY Min $2500    
Giantbank.com  1.66% APY Min $2500     
Ally Bank 1.65% APY Min $ 1   
EverBank 1.60% APY Min $1500  
AIG Bank  1.60% APY Min $2500    
Hudson City Savings Bank  1.55% APY Min $500     
Boiling Springs Savings Bank  1.55% APY Min $1000     
ING DIRECT  1.50% APY Min $ 1   
American Express Bank FSB  1.50% APY Min $ 0     
Nationwide Bank  1.50% APY Min $10,000     
Bogota Savings Bank  1.50% APY Min $1000      
Kearney Federal Savings Bank  1.50% APY Min $500    
Manasquan Saving Bank  1.50% APY Min $500   
Bank of Internet USA  1.40% APY Min $1000    
Haven Savings Bank  1.40% APY Min $100    
Oritani Savings  1.40% APY Min $1000     
Allstate Bank  1.30% APY Min $1000    
PenFed  1.25% APY Min $1000 1.25% APY Min $1000     
First Internet Bank of IN  1.25 APY Min $1000    
HSBC Direct  1.25% APY Min $1000 1.25% APY Min $1000     
Investors Savings Bank  1.25% APY Min $500      
Columbia Bank  1.25% APY Min $500 1.25% APY Min $500     
Community Bank of Bergen County  1.21% APY Min $1000    
BankDirect  1.11% APY Min $10,000     

CD Rates Below the Average Rate


Ameriprise Bank FSB  1.05% APY Min $2500    
E-LOAN.com  1.00% APY Min $10,000     
Citibank  0.95% APY Min $10000      
Valley National Bank  0.80% APY Min $500      
NVE Savings Bank  0.70% APY Min $1000      
Bank of America  0.65% APY Min $10,000     
PNC Bank  0.60% APY Min $1000     
Sovereign Bank  0.55% APY Min $10,000
Capital One  0.50% APY Min $5000      
Bank of America  0.40% APY Min $10,000     
Wachovia Bank  0.40% APY Min $10,000      
Zions Bank  0.30% APY Min $1000      
Chase  0.20% APY Min $10,000      
Chase  0.20% APY Min $10,000      
E*TRADE Bank  0.10% APY Min $1000

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Author: Brian McKay
February 9th, 2010
Posted in: CD Rates