Today is Wednesday, March 17 and it’s time for the mid week review of CD rates. March has shown an overall decline, with an average drop of .01% across the board for CD rates with a 12 month term.
Biggest 12 Month CD Rate Changes
While we’ve seen a steady decline in CD rates across the board this month, there have been a few banks that have outperformed the competition, posting increased rates over the past two weeks.
For this week’s major movers, HSBC Advance posted the biggest drop, with their 12 month rate falling .16% today. Other big bank rate changes are Ally, down .01% and ING Direct, down .1% for the 12 month term
Astoria Federal Bank Posts Largest Rate Increases
Astoria Federal, a local New York bank with 85 locations in Brooklyn, Queens, Nassau, Suffolk and Westchester counties, has been the most consistent at raising rates on its CD’s with a term of one year or more. The banks 24, 30, 48 have all seen the biggest increases in rates this week, up 0.20%, 0.25% and 0.25% respectively.
On the other end of things, Valley National Bank has shown some of the biggest drops in rates, showing decreases anywhere from 0.70% to 1.50% on most of its CD rates. This may have to do with the Bank’s decision to take on two failed banks, LibertyPointe Ban and The Park Avenue Bank, over the weekend.
Some of the major factors that commonly affect CD rates are the supply and demand for funds, inflation and changes in government monetary policy.
Learn more and stay tuned to the latest rates at www.MyBankTracker.com