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TheStreet and RateWatch Report Top CD Rate Issuers

NEW YORK, Jan. 8, 2013 /PRNewswire/ -- RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST) reported today that the average national rate on a 4-year and 5-year CD fell 0.01 percent based on data collected from over 90,000 financial institution locations. RateWatch also reported today the top rate issuers across the nation along with financial strength ratings.

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The main reason for bank deposit rates being so low for so long is the Federal Reserve's accommodative policy of keeping its target range for the short-term federal funds rate in a range of zero to 0.25% since late 2008; however, The Federal Deposit Insurance Corporation's Transaction Account Guarantee Program ended on Dec. 31, and that could put some pressure on smaller banks' liquidity.

The Transaction Account Guarantee Program went into effect in November 2008, to essentially remove any limit on FDIC deposit insurance coverage for most noninterest-bearing transaction accounts.  This provided a tremendous boost in cheap liquidity, even for banks in weak financial condition, because small businesses no longer had to worry about the safety of their checking account deposits, which could easily exceed the normal deposit insurance limits.  Now that the program has ended, businesses who were sticking with the banks because of the certainty of the deposit insurance protection may consider other cash management options, including non-bank money market funds.

With money market funds paying very low rates, it would be surprising to see quick movement out of bank checking accounts, however, some community banks that still have a high level of nonperforming loans could see some deposit flight, putting pressure on them to be more competitive in attracting non-checking deposits.

NATIONAL AVERAGE RESULTS - $10K

National Average Results -10K


This

week

Last

week

Money Market

0.12

0.12

1 month CD

0.06

0.06

3 month CD

0.10

0.10

6 month CD

0.17

0.17

1 year CD

0.26

0.26

2 year CD

0.42

0.42

3 year CD

0.56

0.56

4 year CD

0.69

0.70

5 year CD

0.89

0.90

TOP RATE ISSUERS - $10K
This is a list of issuers with top interest rates.  The issuer's Financial Strength Rating is an independent, unbiased evaluation of quarterly regulatory statements. Institutions are assigned a letter grade of A-E with "A" representing the highest rating based on a review of many aspects of financial safety including capitalization, asset quality, profitability and liquidity. For more information, visit www.weissratings.com/help/what-our-ratings-mean.aspx.  Information is believed to be accurate, but not guaranteed.

Money Market

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

Sallie Mae Bank

A-

1

1.050

801-281-1423

www.salliemaebank.com

Green Bank, National Association

C

500

1.000

713-275-8370

www.greenbank.com

Ally Bank

B

1

0.950

877-247-2559

www.ally.com

1 Month CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

First NBC Bank

C+

1000

0.510

504-671-3550

www.firstnbcbank.com

Pinnacle Bank

B-

500

0.500

402-529-3581

www.pinnbank.com

Carter Bank & Trust

C

2500

0.500

828-325-9800

www.carterbankandtrust.com

3 Month CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

Eloan.com

D+

10000

0.650

888-533-5333

www.eloan.com

EverBank

D

1500

0.560

888-882-3837

www.everbank.com

Beal Bank USA

C

1000

0.511

205-202-8511

www.bealbankusa.com

6 Month CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

Carter Bank & Trust

C

2500

1.000

910-630-2500

www.carterbankandtrust.com

Doral Bank

E+

1000

0.900

212-329-3700

www.doralbankdirect.com

Beal Bank USA

B

1000

0.750

702-598-3500

www.bealbankusa.com  

1 Year CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

Doral Bank

E+

500

1.150

212-584-6820

www.doralbankny.com

Beal Bank USA

B

1000

1.110

786-347-3601

www.bealbankusa.com

Sallie Mae Bank

A-

1

1.050

801-281-1423

www.salliemaebank.com

2 Year CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

Doral Bank

E+

500

1.400

212-584-6820

www.doralbankny.com  

FirstBank Florida

D

1000

1.250

305-740-9522

www.firstbankfla.com

Compass Bank

D+

5000

1.250

205-297-1986

www.bbvacompass.com

3 Year CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

First NBC Bank

C+

10000

1.970

504-671-3550

www.firstnbcbank.com

Doral Bank

E+

500

1.550

212-584-6820

www.doralbankny.com

First Guaranty Bank

C-

500

1.450

985-345-7685

www.fgb.net

4 Year  CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

Institution for Savings In Newburyport

B

1

1.750

978-462-3106

www.institutionforsavings.com

Yakima Federal Savings & Loan Association

A-

10000

1.750

509-248-2634

www.yakimafed.com

First Guaranty Bank

C-

500

1.700

985-345-7685

www.fgb.net

5 Year  CD

Financial

Strength

Rating

Minimum

to Earn

Interest

APY

First NBC Bank

C+

10000

2.120

504-671-3550

www.firstnbcbank.com

Carter Bank & Trust

C

100

2.020

828-325-9800

www.carterbankandtrust.com 

Institution for Savings In Newburyport

B

1

2.000

978-462-3106

www.institutionforsavings.com 

Financial Strength Rating: A=Excellent, B=Good, C=Fair, D=Weak, E=Very Weak
Plus sign "+" = top of range, Minus sign "-" = bottom of range

Data is surveyed weekly with averages calculated each Monday afternoon from RateWatch's unbiased national interest rate survey of over 90,000 financial institution locations across the United States.

About RateWatch
For over 20 years, RateWatch has been the premier provider of competitive interest rate and product information to financial institutions across the United States.  Consistently providing top quality, highly relevant data RateWatch maintains the largest database in the industry with deposit, loan, and fee information monitoring over 90,000 locations. Rate surveys, product comparisons, financial strength reporting, local/regional/national averages, fee reporting, specialty reports and more are available.  To learn more about RateWatch, visit www.rate-watch.com.   RateWatch is a division of TheStreet, Inc.

About TheStreet
TheStreet, Inc. is a leading digital financial media company that distributes its content through online, social media, tablet and mobile channels. The Company's network of brands includes: TheStreet, RealMoney, RealMoney Pro, Stockpickr, Action Alerts PLUS, Options Profits, Chat on TheStreet, MainStreet and RateWatch. For more information on TheStreet's business, visit http://www.t.st. For financial and business news, actionable trading ideas, stock quotes and more, visit TheStreet.com, follow TheStreet on Facebook and Twitter, and access TheStreet through all major mobile and tablet platforms.  For more information on The Deal, visit www.thedeal.com.

Contact:
Erin Corcoran
TheStreet, Inc.
212-321-5566
[email protected]

SOURCE TheStreet

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