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Written by
Brian McKay Brian McKay
Brian McKay

Brian McKay

Founder & Data Architect
Expertise
  • Automated Online Rate Data Aggregation
  • Location-Based Rate Tables
  • Bank & Credit Union Health Safety Ratings
  • Bank & Credit Union Star Ratings
  • Finance Calculators
Brian is the Founder of MonitorBankRates.com. For over 18 years, he has utilized his background in enterprise infrastructure to engineer proprietary systems that track rates from over 8,000 financial institutions.
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| iEditorial Disclosure
Editorial Disclosure The rates and data displayed are actual, verified figures sourced directly from financial institutions. Our editorial content is independent of any advertiser relationships.
| ✓Fact Checked | Published: September 25, 2018 | Updated: April 2, 2024

All CD Rates Move Higher as Bank CD Rates Increased

Bank CD rates are higher this week as ten different banks increased CD rates on a wide range of CD products. The largest increase was from TAB Bank, which increased their 6 month CD rate by 25 basis to 2.12 percent. TAB now has the second highest 6 month CD rate currently available. The highest 6 month rate is held by My eBanc at 2.20 percent.

The second largest increase was from Home Savings Bank, who increased their 2 year CD rates by 15 basis points to 2.65 percent. Popular Direct currently has the top 2 year CD rate at 2.91 percent with a yield of 2.95 percent.

Bank CD Rates IncreasedAnother recent milestone is seeing 3 year CD rates hit 3.00 percent for the first time in nearly a decade. M.Y. Safra Bank, FSB, is the latest bank to increase their 3 year rates. M.Y. Safra Bank now has their 3 year rate at 2.97 percent with a yield of 3.00 percent.

Other highlights with the increases include TIAA Bank Direct increasing 9 month CD rates to 2.08 percent with a yield of 2.10 percent. VirtualBank has the best 9 month CD rate currently available at 2.15 percent with a yield of 2.17 percent.

Higher Bank CD Rates Coming

1 year CD rates didn’t see any large increases or new highs this week though that will likely change. The highest 1 year CD rate is currently at 2.65 percent. The Federal Open Market Committee will likely force 1 year CD rates towards 3.00 percent by the end of 2018.

The fed funds rate will probably be increased another 25 basis points this week. Banks set deposit rates to the fed funds rate, which means deposit rates will move higher. Some online banks might immediately increase CD rates to continue to offer the highest rate available.