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Average 1 Year CD Rates Move Slightly Higher, Top Rate at 1.10%

Average 1 year certificate of deposit rates moved one basis point higher this week. Average rates are slowly climbing higher as more and more banks increase rates. A year ago at this time, average 12 month rates were at 0.78 percent. Average rates this week are at 0.91 percent, up from last week's average of 0.90 percent.

Getting a decent yield on low risk or risk-free investments like certificates of deposit has been a challenge since the financial crisis of 2008/2009. There are some online banks paying decent yields that are considerably higher than what you would find at big brick and mortar banks.



For example, Synchrony Bank, an online bank, is currently offering 1 year rates at 1.09 percent with an APY of 1.10 percent. Chase Bank, one of the largest U.S. banks, is offering 1 year rates at a paltry 0.02 percent.

Synchrony Bank has their rates prominently displayed on the home page of their website. On the other hand, Chase Bank's paltry rates are not displayed on their home page at all. In fact, you have to drill down several times on Chase's website to see their rates.

Overall, rates won't move much higher from current levels until the Federal Reserve increases the federal funds rate. We will have to wait until sometime in 2015 for this to happen. Listed below are the top short term CD rates available this week.

12 Month CD Interest Rates and Yields

  • Synchrony Bank 1.09% APY 1.10%

  • Silvergate Bank 1.07% APY 1.08%

  • My e-BAnC by BAC Florida Bank 1.05% APY 1.06%

  • GE Capital Bank 1.04% APY 1.05%

  • iGObanking.com 1.04% APY 1.05%


6 Month CD Interest Rates

  • Zions Direct Bank 1.00%

  • Doral Direct 0.87%

  • EH National Bank 0.80%

  • AloStar Bank of Commerce 0.75%

  • GE Capital Bank 0.70% APY 0.70%


3 Month CD Interest Rates

  • EverBank 0.45%

  • AloStar Bank of Commerce 0.45%

  • Virtual Bank 0.40%

  • Barclays Bank 0.35%

  • Discover Bank 0.35%

  • First Internet Bank of Indiana 0.35%


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Author: Brian McKay
August 9th, 2014