The best CD rates on 1 year certificates of deposit moved higher since our last report on May 9th. The best 1 year bank CD rate is now at 1.09 percent with an APY of 1.10 percent. The bank offering the best rate right now is GE Capital Retail Bank. The old best rate was slightly lower at 1.06 percent with an APY of 1.07 percent.
We seen some banks increase their CD rates the past couple of months in anticipation of higher interest rates coming. The Federal Reserve is expected to increase the fed funds rate sometime in 2015. Banks are probably trying to lock in deposits at today's lower rates.
If you're searching for the top CD rates make sure to stay invested in shorter term certificates of deposit of 1 year or less. That way you can take advantage of higher CD interest rates when they do arrive, which they will sometime in 2015.
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