Slew of CD Rate Changes from Banks Prior to the Fed Funds Rate Increase
There has been a slew of CD rate changes from many different banks in our database this past week. A total of six banks changed some, if not all, of their CD rates. Only one bank, EverBank, changed a couple of their rates since the Federal Open Market Committee voted to increase the fed funds rate by 25 basis points.
It still stands to reason that several online banks that are offering the top online CD rates will increase their rates in the coming weeks. Major banks were quick to increase the prime rate they offer on loans but announced they wouldn't increase deposit rates.
The prime rate was increased at these banks:
Deutsche Bank, Citibank, U.S. Bancorp, JPMorgan Chase, HSBC, KeyCorp, M&T, BMO Harris Bank, SunTrust, Huntington Bancshares, PNC, Bank of America and BB&T.
It's no surprise these bigger banks are not going to increase deposit rates. They were offering very low rates because they have no interest in attracting deposits. A fed funds rate increase of 0.25 percent isn't going to change their rates. Listed below are all the certificate of deposit rate changes this past week.