December 18, 2012

CD Rates Continue to Fall After Federal Reserve Ties Policy to Specific Benchmark for Unemployment

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.

TheStreet, Inc. Logo


RateWatch logo


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.

The RateWatch logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=15596

About TheStreet

TheStreet, Inc. is a leading digital financial media company that distributes its content through online, social media, tablet and mobile channels. The Company's network of brands includes: TheStreet, RealMoney, RealMoney Pro, The Deal, Stockpickr, Action Alerts PLUS, Options Profits, Chat on TheStreet, MainStreet and Rate-Watch. For more information on TheStreet's business, visit www.t.st. For financial and business news, actionable trading ideas, stock quotes and more, visit TheStreet.com, follow TheStreet on Facebook and Twitter, visit TheStreet.mobi from your mobile device and access TheStreet through all major tablet platforms. For more information on The Deal, visit www.thedeal.com.

The TheStreet, Inc. logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=11420.

CONTACT: Thomas Etergino

         Executive Vice President, Chief Financial Officer

         TheStreet, Inc.

         212-321-5234

         ir@thestreet.com



         Erica Mannion

         Investor Relations

         Sapphire Investor Relations, LLC

         415-471-2700

         ir@thestreet.com

TheStreet, Inc. Logo

Source: TheStreet, Inc.

News Provided by Acquire Media


Close window | Back to top

Copyright 2014 TheStreet, Inc.