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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.

BankProductRate (New / Old)Yield (New / Old)
AloStar Bank of Commerce1 yr CD1.25 / 1.201.26 / 1.21
AloStar Bank of Commerce2 yr CD1.45 / 1.391.46 / 1.40
AloStar Bank of Commerce1 yr jumbo CD1.25 / 1.201.26 / 1.21
AloStar Bank of Commerce18 month CD1.30/ 1.201.31 / 1.21
AloStar Bank of Commerce2 yr jumbo CD1.45 / 1.391.46 / 1.40
AloStar Bank of Commerce18 month jumbo CD1.30 / 1.201.31 / 1.21
EverBank6 month CD0.90/ 0.640.90 / 0.64
EverBank2 yr CD1.22 / 1.231.23/ 1.24
EverBank2.5 yr CD1.44 / 1.331.45 / 1.34
EverBank3 yr CD1.65 / 1.511.66 / 1.52
EverBank5 yr CD2.23 / 1.972.25 / 1.99
EverBank6 month jumbo CD0.90 / 0.640.90/ 0.64
EverBank2.5 yr jumbo CD1.44 / 1.331.45 / 1.34
EverBank5 yr jumbo CD2.23 / 1.972.25 / 1.99
EverBank18 month CD1.06 / 0.981.07 / 0.98
EverBank2 yr jumbo CD1.23 / 1.161.24 / 1.17
EverBank18 month jumbo CD1.06 / 0.981.07 / 0.98
EverBank3 yr jumbo CD1.65 / 1.511.66 / 1.52
EverBank4 yr CD1.90 / 1.981.92 / 2.00
EverBank4 yr jumbo CD1.90 / 1.981.92 / 2.00
Astoria Bank2 yr CD0.75 / 0.650.75 / 0.65
Astoria Bank2.5 yr CD1.04 / 0.951.05 / 0.95
Astoria Bank3 yr CD1.04 / 0.951.05 / 0.95
Astoria Bank18 month CD0.75 / 0.650.75 / 0.65
American Bank5 yr CD1.78 / 1.781.8 / 1.78
American Bank5 yr IRA CD1.78 / 1.781.8 / 1.78
American Bank4 yr CD1.34 / 1.341.35 / 1.34
American Bank4 yr IRA CD1.34 / 1.341.35 / 1.34
Congressional Bank1 yr CD0.60 / 0.950.60 / 0.95
Congressional Bank2 yr CD0.90 / 1.10.90 / 1.1
Luana Savings Bank6 month jumbo CD0.50 / 0.450.50 / 0.45
Luana Savings Bank1 yr jumbo CD0.70 / 0.650.7 0/ 0.65
Luana Savings Bank2.5 yr jumbo CD1.25 / 1.201.25 / 1.20
Luana Savings Bank5 yr jumbo CD1.75 / 1.701.76 / 1.71
Luana Savings Bank6 month $50K CD0.45 / 0.400.45 / 0.4
Luana Savings Bank18 month IRA CD1.05 / 1.001.05 / 1.00
Luana Savings Bank18 month jumbo CD0.90 / 0.850.90/ 0.85
Luana Savings Bank3 yr jumbo CD1.40 / 1.351.41 / 1.36
Luana Savings Bank18 month jumbo IRA CD1.05 / 1.001.05 / 1.00
Luana Savings Bank4 yr jumbo CD1.65 / 1.601.66 / 1.61






 
Author: Brian McKay
December 18th, 2015