We expect the increase in rates to continue next month and into 2018. The Fed is widely expected to increase the rate during their meeting in December. In fact, the CME Group’s FedWatch Tool puts the probability of an increase at 91.5 percent, as of this writing.
The current fed funds rate is in a range of 1.00 percent to 1.25 percent. An increase in December will put the rate between 1.25 percent and 1.50 percent. The last time the rate was that high was nearly a decade ago. You can view the history of the fed funds rate going back to 1955 in this Rate Chart.
Current Top 1 Year CD Rates
- Banesco USA 1.75% APY 1.75%
- CDBank.com 1.74% APY 1.75%
- Congressional Bank 1.73% APY 1.75%
- First Internet Bank of Indiana 1.70% APY 1.71%
- Limelight Bank 1.70% APY 1.71%
- Crestmark Bank 1.70% APY 1.70%
- M.Y. Safra Bank, FSB 1.70% APY 1.70%
- My eBanc, A Division of BAC Florida Bank 1.69% APY 1.70%
- ableBanking, a division of Northeast Bank 1.69% APY 1.70%
- EverBank 1.68% APY 1.69%
The 1 year CD rates listed above are from online banks, or online banking divisions of traditional brick and mortar banks. You won’t be able to find 1 year CD rates that high from brick and mortar banks and certainly not at the biggest banks.
For example, Wells Fargo’s 1 year CD rates are currently at 0.05 percent, you can see for yourself on the bank’s website. Another large bank, Chase Bank, is offering 1 year CD rates even lower at 0.02 percent. Banks offering rates that low basically don’t want your money. These banks also bury their rates on their websites so you have to dedicate a good amount of time hunting to find the rates.
