Finance-ManagementsCD Rates and Savings Rates
Current CD rates and savings rates are pathetic. It is hard to commit to investing in a certificate of deposit for a year and earn a CD rate of 1.25 percent or probably less depending on the bank. Savings account rates are much better right now and you can expect the interest rate on your savings account to go lower since those accounts are variable rate accounts.
The large banks like Wells Fargo Bank, Bank of America, Chase Bank and Citibank are all offering bank CD rates and bank savings account rates that aren’t worth investing in. Smaller banks, online banks and credit unions are offering better rates right now.
Ally Bank is one bank that is offering really good rates. Both CD rates at banks and savings rates at Ally are good. 9 month CD rates are at 0.95 percent with an APY of 0.95 percent. 1 year certificate of deposit rates are at 1.23 percent with an APY of 1.24 percent. Ally’s savings account rate and APY is 1.00 percent.
American Express Bank’s savings account rate is better than Ally’s rate. The bank’s current savings account rate is 1.14 percent with a yield of 1.15 percent. The bank’s 6 month CD interest rates are 0.50 percent with an APY of 0.50 percent. 12 month rates are 0.90 percent with an APY of 0.90 percent.
Discover Bank has some of the best CD rates available right now. 3 month certificate of deposit rates are 0.55 percent with an APY of 0.55 percent. 6 month rates are 0.90 percent with an APY of 0.90 percent. Savings account rates are 1.19 percent with an APY of 1.20 percent.