BEST DEPOSIT RATES
|Online Saving Accounts||1.05% APY|
|1 Year Online CDs||1.19% APY|
|3 Year Online CDs||1.65% APY|
|5 Year Online CDs||2.37% APY|
|Online Checking||0.80% APY|
|Rewards Checking||5.09% APY|
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Rates and Information to Help You Save & Borrow
AVERAGE LOAN RATES
|30 Year Fixed Mortgage||4.15% APR|
|15 Year Fixed Mortgage||3.45% APR|
|5 Year ARM||2.95% APR|
|Home Equity Line||4.31%|
|10 Year Home Equity||5.58%|
|3 Year Auto Loan||3.14%|
INTEREST RATE ANALYSIS
By Sol Nasisi
November 19, 2014 - Not much new on the rate front. Two major online players (CIT and Synchrony) have raised their online savings rate and 1% APY has become the new upper tier, after hovering around .90% APY for awhile. It's the first time since 2008 that several banks have raised online savings rates simultaneously. I spoke to a friend who works in commercial banking and he told me that the banks have begun to loan freely again. Lending standards are dropping. This is another sign that the economy is beginning to heat up.
The unemployment rate fell to 5.8% in October, 2014, the lowest figure since July 2008 and before the full-on financial crash. Employers have added 200,000 jobs per month for nine straight months. Once we see figures edge closer to 300,000, we'll see bank rates begin to move up more quickly. But, if the economy continues to strengthen (which with falling oil prices it will), expect to see deposit and lending rates go higher.
You can see these rate trends on our Savings, CD, and Mortgage Rate trends page.
CD & ONLINE SAVINGS RATE TRENDS
Information to Help You Save
- How Much of Your Money Should Be in Cash?
- Compare Savings Accounts to Other Income Generating Investments
- The Difference Between Banks and Credit Unions
- How to Decide Whether to Open a Shorter or Longer Term CD
- Rewards Checking Accounts - Free High Yield Checking with Activity Requirements
- See All Savings and CD Articles
Information to Help You Borrow