Banks Raising CD Rates - 9/12/2008

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Even though there is talk about the Fed lowering rates in the future, most banks raised their cd rates over the last couple of days. Here's a recap.


Banks are still aggressively looking for your money.  As the economy slows and more bad news come out of Wall Street, more banks are raising rates than lowering them. Below are the banks that raised rates over the last couple of days.  The bolded bullets are offers that are now the highest for their term according to the BestCashCow rate tables.

  • Crestmark Bank Raises rate on 3 month cd from 3.80% to 3.90% APY.  Minimum deposit of $25,000.  This is the best 3 month CD rate according to the BestCashCow rate table.
  • GMAC bank raised several terms.  Minimum balance on all CD accounts is $500.
    • 6 month CD from 3.80% APY to 4% APY.
    • One year from 4.15 to 4.25% APY.
    • Two year from 4.30 to 4.35% APY.
  • Discover Bank increased rate on its 2 year CD from 4.41% APY to 4.44% APY
  • Advanta increased the rate on:
    • 2 year cd from 4.10% APY to 4.25% APY.
    • 5 year cd from 4.55% APY to 5.05% APY.

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Today's Highest Online CD Rates

Bank Product Term Interest Rate (APY)
Bank5 Connect 1-Year 2.85% APY with $500 minimum
M.Y. Safra Bank 1-Year 2.51% APY with $500 minimum
Department Of Commerce 1-Year 2.42% APY with $500 minimum
Connexus 3-Year 3.26% APY with $5,000 minimum
Pentagon 3-Year 3.25% APY with $1,000 minimum
Bank5 Connect 3-Year 3.20% APY with $500 minimum
Bread Savings, a division of Comenity Capital Bank 5-Year 3.65% APY with $1,500 minimum
Popular Direct 5-Year 3.40% APY with $10,000 minimum
M.Y. Safra Bank 5-Year 3.26% APY with $500 minimum

See More Online CD Rates →


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