CD Rate Reports
Find the best CD bank rates by reading our reports and searching our CD rate tables. You can compare average CD rates to the highest rates available.
EverBank CD rates, which are changed at least twice a month, were increased this week. This time CD rates at EverBank were increased for both short term and long term certificates of deposit. The last time their CD rates were changed was just over a week ago on October 7, 2016.
The largest CD rate increase was on 5 year certificates of deposit which were increased 9 basis points. 5 year CD rates were increased from 1.79 percent with a yield of 1.81 percent to 1.87 percent with a yield of 1.89 percent. With this rate increase, EverBank is now at 4th place on our 5 year CD rate list.
EverBank CD Rate Changes
Synchrony Bank, formerly run as GE Capital Retail Finance Corporation, has consistently offered some of the best CD rates for the past couple of years. Synchrony Bank CD rates are usually in the top 5 rates available in our database.
Let’s take a brief look at the bank’s history. Synchrony Bank and its parent company, Synchrony Financial, were created when GE Capital spun off GE Capital Retail Finance Corporation. Synchrony Financial was spun off as an initial public offering and it raised almost $3 billion. The stock is traded on the New York Stock Exchange under the ticker symbol SYF.
Most of the big banks shun deposits these days but Synchrony Bank is always actively seeking deposits. This is the main reason CD rates at Synchrony Bank are very competitive. One of the ways Synchrony Financial funds its retail credit card business is by raising deposits through the bank division.
Synchrony Financial is a leader in financing major consumer purchases, funding health care procedures, and is the largest provider of private label credit cards in the United States. Private label credit cards are cards other than the major credit cards like Amex, Visa, Master Card, etc. For example, the credit cards department stores and home improvement stores offer are private label.
Synchrony Bank’s certificates of deposit, savings accounts, and money market accounts are all insured by the Federal Deposit Insurance Corporation (FDIC). Synchrony bank’s FDIC cert number is 27314.
Current CD Rates at Synchrony Financial
Synchrony Bank CD Rates
Synchrony Bank Jumbo CD Rates
You can see how Synchrony Bank’s CD rates compare with other bank CD rates.
Four banks and one credit union changed their CD rates this past week. The good news is most of the CD rate changes were higher, despite the fact that the Fed didn’t increase the fed funds rate. 24 CD rate changes were made last week and only two CD rates were lowered, both from Connexus Credit Union.
You can see how the CD rates listed below compare with other rates available by searching our database of CD rates at MonitorBankRates.com.
The Federal Open Market Committee meets this week to decide the direction of interest rates. Unfortunately, it’s looking like the FOMC won’t increase the fed funds rate. This is bad news for depositors as both short term and long term deposit rates will remain near current levels or only move slightly higher.
After this week’s meeting, the Fed has two more scheduled meetings in 2016, one in November and one in December. It’s unlikely the Fed will increase the rate just before the election so that leaves one more chance of a rate hike in 2016. Right now, the CME Group’s FedWatch Tool has a 45 percent chance the Fed funds rate will be higher than the current level after the December meeting.
The good news is we are seeing banks in our database increase their CD rates to compete with the top national rates available. The bad news is we are not seeing any sharply higher rates and won’t until the Fed gets moving on increasing the fed funds rate.
Right now the top national 1 year CD rate in our database is from TAB Bank at 1.30 percent with a yield of 1.31 percent. TAB Bank’s 1 year CD rate is only marginally higher than a dozen other banks’ 1 year CD rates which range from 1.20 percent to 1.30 percent.
Depositors have suffered for a very long time with low CD rates. It’s been almost 8 years, since the financial crisis, that rates have been low. We have also had a few years of expecting rates to move higher but invariably, one piece of the economic puzzle keeps rates from increasing.
Looking beyond 2016 to future Fed predictions for the fed funds rate, things don’t look much better. The median projections for the fed funds rate at the end of 2016 is 0.90 percent and this projection is already too high. The median for 2017 is 1.6 percent and at 2.4 percent for 2018.
2017 and 2018 projections are already starting to look like a stretch because the projected inflation rate is expected to be 2.0 percent or lower for the long run. The Fed’s target range for the inflation rate is below 2 percent. If inflation stays below 2 percent there is no reason to increase the fed funds rate.
TAB Bank CD rates were recently increased on the bank’s short term and intermediate term certificates of deposit. With these rate increases, TAB Bank’s 3 month, 6 month, 1 year, 2 year, and 3 year CD rates are now in the top 5 CD rates available for each one of those CD terms.
The largest percentage rate increase was on the bank’s 6 month CDs. The 6 month CD rate was increased 50 percent from 0.60 percent to 0.90 percent. At 0.90 percent, the 6 month rate puts the bank in second place on our 6 month rate list. The top 6 month CD rate is from Live Oak Bank, which is offering a rate and yield of 1.00 percent.
TAB Bank (TAB), formerly Transportation Alliance Bank, has been in business for almost 20 years. The bank was established as an Industrial Loan Corporation (ILC) in 1998. TAB is an affiliate of TAB Bank Holdings Inc., headquartered in Ogden, UT.
Deposits at TAB Bank are insured by the FDIC up to the maximum amount allow by law. The Bank FDIC certificate number is 34187.
TAB Bank Recent CD Rate Changes
See how these new CD rates at TAB Bank compare with other bank CD rates by searching our rate tables at MonitorBankRates.com.
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