16 Financial Institutions Now Offering 1 Year CD Rates at or above 1.00 Percent
We are getting closer and closer to a new cycle of the FOMC increasing interest rates, so banks are jumping ahead and increasing CD rates now. As a result, on the rate table there are 16 banks and credit unions now offering 1 year CD rates at or above 1.00 percent. These higher CD rates offered by these financial institutions have pushed the average 1 year CD rate towards 1.00 percent.
The current average 1 year CD rate is at 0.98 percent, the highest point it has been for several years. Before the end of 2014, the average rate will move above 1.00 percent. The best 1 year CD rate on the rate table is at 1.20 percent with an APY of 1.21 percent, well above the current average rate.
Listed below are the best CD rates on the rate tables for short term and long term certificates of deposit.