Depositors May Have to Wait a Bit Longer for Interest Rates to Rise

TheStreet and RateWatch Report Top CD Rate Issuers

NEW YORK, Jan. 15, 2013 /PRNewswire/ -- 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 2-year, 3-year, 4-year, and 5-year CD decreasing by 0.01 percent based on data collected from over 90,000 financial institution locations.

Bank deposit rates have been range-bound at historically low levels because the Federal Reserve has kept its target range for the short-term federal funds rate in a range of zero to 0.25% since late 2008.  While the Federal Deposit Insurance Corp's Transaction Account Guarantee Program -- which provided unlimited insurance coverage for non-interest bearing transaction accounts -- has ended, banks are flush with liquidity, making it unlikely that there will be significant competition for deposits over the short term. 

It appears that depositors may have to wait a bit longer for interest rates to begin to rise, but for the banking industry, the yield curve has been improving.  Long-term U.S. Treasury securities were trading at a yield of 1.81% Tuesday morning, with yields as high as 1.91% on Jan. 3, rising from a range of 1.60% only a month earlier.  During this painful economic cycle, U.S. Treasury yields briefly went as low as 1.38% in July.

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NATIONAL AVERAGE RESULTS - $10K


This

week

Last

week

Money Market

0.12

0.12

1 month CD

0.06

0.06

3 month CD

0.10

0.10

6 month CD

0.17

0.17

1 year CD

0.26

0.26

2 year CD

0.41

0.42

3 year CD

0.55

0.56

4 year CD

0.68

0.69

5 year CD

0.88

0.89

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

A-

1

1.050

801-281-1423

www.salliemaebank.com

Green Bank, National Association

C+

500

1.000

713-275-8370

www.greenbank.com

Ally Bank

B+

1

0.950

877-247-2559

www.ally.com

1 Month CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

First NBC Bank

B-

1000

0.510

504-671-3550

www.firstnbcbank.com

Pinnacle Bank

B-

500

0.500

402-529-3581

www.pinnbank.com

Carter Bank & Trust

C+

2500

0.500

828-325-9800

www.carterbankandtrust.com

3 Month CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

Eloan.com

C-

10000

0.650

888-533-5333

www.eloan.com

EverBank

D+

1500

0.610

888-882-3837

www.everbank.com

Beal Bank, SSB

C

1000

0.511

205-202-8511

www.bealbank.com

6 Month CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

Carter Bank & Trust

C+

2500

1.000

910-630-2500

www.carterbankandtrust.com       

Doral Bank

E+

1000

0.900

212-329-3700

www.doralbankdirect.com

Beal Bank USA

B-

1000

0.750

702-598-3500

www.bealbankusa.com

1 Year CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

Beal Bank USA

B-

1000

1.110

786-347-3601

www.bealbankusa.com

Sallie Mae Bank

A-

1

1.050

801-281-1423

www.salliemaebank.com

Doral Bank

E+

500

1.050

850-914-2525

www.doralbankflorida.com

2 Year CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

Doral Bank

E+

500

1.300

850-914-2525

www.doralbankflorida.com

FirstBank Florida

D+

1000

1.250

305-740-9522

www.firstbankfla.com

Compass Bank

D+

5000

1.250

205-297-1986

www.bbvacompass.com

3 Year CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

First NBC Bank

B-

10000

1.970

504-671-3550

www.firstnbcbank.com

First Guaranty Bank

C

500

1.450

985-345-7685

www.fgb.net

Doral Bank

E+

500

1.450

850-914-2525

www.doralbankflorida.com

4 Year CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

Institution for Savings In Newburyport

B

1

1.750

978-462-3106

www.institutionforsavings.com

First Guaranty Bank

C

500

1.700

985-345-7685

www.fgb.net

Green Bank, National Association

C+

1000

1.700

713-275-8370

www.greenbank.com

5 Year CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

First NBC Bank

B-

10000

2.120

504-671-3550

www.firstnbcbank.com

Carter Bank & Trust

C+

100

2.020

828-325-9800

www.carterbankandtrust.com

Institution for Savings In Newburyport

B

1

2.000

978-462-3106

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.

About TheStreet
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Contact:

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TheStreet, Inc.
212-321-5566
erin.corcoran@thestreet.com

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