Highest 1 Year CD Rates at 1.10%: Average 1 Year Bank CD Rates at 0.77%
The best CD rates available and average CD rates didn't change much this past week. Average bank CD rates won't change much for the foreseeable future. The Federal Open Market Committee (FOMC) wrapped up their two day meeting last week and decided to keep the Federal Funds Rate in a targeted range of zero percent to one quarter percent until the end of 2014.
The FOMC's decision to kept the Feds funds rate at zero percent wasn't a surprise since the unemployment rate is still high and inflation is low. What the markets were hoping for was the start of another round of quantitative easing to drive bond yields lower. This didn't happen and as a result bond yields rose.
Average 12 month CD rates at banks also rose this week. Bankrate's national average survey has 1 year CD rates at 0.77 percent this week. Average 1 year CD interest rates were slightly lower last week at 0.75 percent. You can find CD rates higher than the averages.
Right now on our rate table the highest CD rates are just above 1.00 percent. CIT Bank CD rates on their Achiever certificates of deposit are at 1.09 percent with an APY of 1.10 percent. Achiever certificates of deposit require a minimum opening balance of $25,000.
Another bank on our list offering 1 year CD rates at 1.09 percent with an APY of 1.10 percent is Doral Bank. The bank only has a minimum opening balance of $1,000 to earn that rate and yield. Here is a list of the highest 1 year CD rates on our rate table this week:
Highest 1 Year CD Rates
As you can see our list of the highest CD bank rates are above the national average rates. The Federal Deposit Insurance Corporation's national average 1 year CD rate is even lower at 0.28 percent. The FDIC's average jumbo CD rate is just as low at 0.29 percent. Search and compare the best CD rates at banks right here.