PurePoint Financial's Information and Current CD Rates
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Rating: (4 out of 5)100
PurePoint Financial CD Rates
PurePoint Financial Jumbo CD Rates
Rates Updated: 05/24/2017
Articles Related to PurePoint Financial
Top 2 Year CD Rate Now at 1.70 Percent
The top CD rates continue to move higher as the best 2 year CD rate hits 1.70 percent this week. 2 year CD rates at Connexus Credit Union take the top spot this week at 1.69 percent with a yield of 1.70 percent. Connexus has the best rate this week but two banks are right on the credit union's tail.
Northern Bank Direct, EverBank, and Popular Direct have the second best 2 year rate this week at 1.64 percent with a yield of 1.65 percent. We have another three-way tie for third place, My e-BAnC by BAC Florida Bank, TAB Bank, and VirtualBank all have a current 2 year rate of 1.61 percent with a yield of 1.62 percent.
Not only are the top rates moving higher this week, average 2 year CD rates are also higher. The current average 2 year CD rate is at 1.50 percent, up from last week's average 2 year rate of 1.47 percent. Listed below are the top ten 2 year CD rates for the week ending April 15, 2017.
Best 2 Year CD Rates
Best 1 Year CD Rates April 5, 2017
CD rates continue to move higher this week. We look for the trend of higher CD rates to continue in 2017 as long as there isn't a recession. The Fed is expected to increase the federal funds rate at least two more times this year, which will put more upward pressure on CD rates.
This week, the best 1 year CD rate in the database is now at 1.49 percent with an APY of 1.50 percent. A couple of weeks ago, the top 1 year CD rate was 5 basis points less.
The current national average 1 year CD rate also moved higher this week over last. The current national average 1 year CD rate is at 1.26 percent, up from last week's average of 1.30 percent.
Listed below is top ten 1 year CD rates currently available.
Top Ten 1 Year CD Rates
You can view a list of CD rates for all CD terms at MonitorBankRates.com.Read more...
Savings Rates Continue to Increase, Courtesy of the FOMC
Savings rates, money market rates, and CD rates continue to march slowly higher as we head into the second quarter of 2017. The best savings account rate available this week is from PurePoint Financial at 1.24 percent with an APY of 1.25 percent. PurePoint's current savings rate is more than double the current national average of 0.56 percent.
Last month, prior to the Federal Open Market Committee's fed funds rate increase, the top savings rate was at 1.14 percent with an APY of 1.15 percent. The FOMC increased the fed funds rate 0.25 percent during the middle of March to a range of 0.75 percent to 1.00 percent.
The FOMC's next meeting is scheduled for May 2nd and May 3rd. All though the FOMC has said they are looking to have two more rate increases in 2017, it's unlikely a fed funds rate increase will come during the May meeting. The CME Group's FedWatch Tool puts the chance of a rate increase at only 6.4 percent as of April 2nd.
The next fed funds rate increase is likely to come during the Fed's June Meeting on June 14th and 15th. There is a 58.7 percent change the rate will be increased during the June meeting, according to the CME Group's FedWatch Tool.
A fed funds rate in a range of 1.00 percent to 1.25 percent will likely push the highest savings rates towards 1.50 percent. The highest 1 year CD rates available right now are already at 1.50 percent. The next rate increase will likely put the top 1 year CD rates closer to 1.75 percent.
The good news is that deposit rates are finally headed higher and will continue to move higher in the coming years. As long as economic growth moves higher and the economy doesn't fall into a recession, rates will move higher.
Credit Union now Offering 1 Year CD Rates at 1.50%
As we predicted in early March, the the top 1 year CD rate currently available is now at 1.49 percent with a yield of 1.50 percent. Conexus Credit Union is the first financial institution in the rate database to increase their 1 year rate to the 1.50 percent level.
The catalyst for sending the best 1 year CD rates to 1.50 percent APY was the Federal Open Market Committee increasing the fed funds rate on March 15th. On March 8th, we wrote a post reporting that the coming fed funds rate increase will likely force the top 1 year CD rate to 1.50 percent. You can read the post at Fed Will Push Top 1 Year CD Rates Above 1.50%.
It will be interesting to see if the top online banks that usually compete to have the best rate will also increase their rate to 1.50 percent or possibly higher. There are several banks very close to the 1.50 percent level. Banesco USA has 1 year rates at 1.45 percent, PurePoint Financial, My e-BAnC by BAC Florida Bank and Live Oak Bank are all offering 1 year rates at 1.40 percent.
We continue to look for higher CD rates in 2017 because the Fed has already said there will be a need to increase the fed funds rate at least two more times in 2017. The current targeted range for the fed funds rate is 0.75 percent to 1.00 percent.
Two more fed funds rate increases will bring the rate up to a range of 1.25 percent to 1.50 percent. Having the fed funds rate in that range will send the highest 1 year CD rates up to 2.00 percent. The last time 1 year CD rates were in the 2.00 percent range was around six years ago.Read more...
Compare PurePoint Financial's CD Rates With Other Bank Rates Below
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