Average Certificate of Deposit Rates First Week of 2015
Average 5 year certificate of deposit rates increased to 1.83 percent, up 1 basis point from last week's average rate. The current average 1 year rate is at 0.99 percent and the average 2 year rate is at 1.20 percent. The best 1, 2 and 5 year rates on our rate tables also remained unchanged this week. You can view a list of the best CD rates below.
2015 is the year that rates overall will finally be moving higher after a six years of declining rates. Before there are across the board increases, the Federal Reserve has to increase the federal funds rate. Forecasts for exactly when the Fed will increase the rate in 2015 varies but as the year progresses it will be more and more likely.
The rate will most likely be increased sometime during the first 6 months of this year. It's most likely to be right after the Federal Open Market Committee's meeting scheduled for June 16 and 17. If growth remains strong, unemployment drops much further or if inflation becomes a concern, the rate could be increased as soon as the April meeting.
Listed below are the top 1 year, 2 year and 5 year CD interest rates this week.
1 Year Certificate of Deposit Rates
2 Year Certificate of Deposit Rates
5 Year Certificate of Deposit Rates