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CD Rate Changes This Past Week

Several different banks have changed their CD rates this past week. The largest decrease in rates was on short term CD rates at Silvergate Bank. 6 month CD rates were reduced by 55 basis points and 1 year rates were reduced by 78 basis points. Read more about Silvergate Bank CD rate reductions.

The overall direction of CD rates remains a mixed bag. We won't see across-the-board CD rate increases until the Federal Open Market Committee increases the federal funds rate. The next FOMC meeting is in a couple of days but there is only a 3.6 percent chance the Fed will increase the rate according to the CME Group's Fed Watch Tool.

This past week, a total of seven banks changed rates. Four banks lowered rates while 3 banks increased rates. Two of the three banks that increased rates, EverBank and Luana Savings Bank, have a history of changing rates often. It is always important to stay apprised of the latest rate changes, which we have listed below.

This Week's CD Rate Changes

Bank

ProductRate (new / old)Yield (new / old)
California First National Bank6 month CD0.75 / 1.000.75 / 1.00
California First National Bank6 month jumbo CD0.75 / 1.000.75 / 1.00
EverBank3 month CD0.68 / 0.630.68 / 0.63
EverBank6 month CD0.78 / 0.730.78 / 0.73
EverBank2 yr CD1.14 / 1.111.15 / 1.12
EverBank2.5 yr CD1.22 / 1.141.23 / 1.15
EverBank3 month jumbo CD0.68 / 0.630.68 / 0.63
EverBank6 month jumbo CD0.78 / 0.730.78 / 0.73
EverBank2.5 yr jumbo CD1.22 / 1.141.23 / 1.15
EverBank18 month CD1.03 / 1.021.04 / 1.03
EverBank2 yr jumbo CD1.14 / 1.111.15 / 1.12
EverBank18 month jumbo CD1.03 / 1.021.04 / 1.03

Silvergate Bank

6 month CD

0.20 / 0.75

0.2 / 0.75
Silvergate Bank1 yr CD0.3 / 1.070.3 / 1.08
Silvergate Bank1 yr jumbo CD0.3 / 0.100.3 / 0.10

Luana Savings Bank

2.5 yr jumbo CD0.95 / 0.900.95 / 0.90
Luana Savings Bank18 month IRA CD0.70 / 0.650.70/ 0.65
Luana Savings Bank18 month jumbo CD0.75 / 0.700.75 / 0.70
Luana Savings Bank3 yr jumbo CD1.05 / 1.001.05 / 1.00
Luana Savings Bank18 month jumbo IRA CD0.70 / 0.650.70 / 0.65
Luana Savings Bank4 yr jumbo CD1.20 / 1.151.20 / 1.15

Goldman Sachs Bank USA

5 yr CD1.83 / 1.981.85 / 2.00
My e-BAnC by BAC Florida Bank1 yr CD1.23 / 1.241.24 / 1.25
My e-BAnC by BAC Florida Bank1 yr jumbo CD1.23 / 1.241.24 / 1.25

 

 

 







 
Author: Brian McKay
July 25th, 2016