bank rates

New Leaders In 2- And 3-Year CD Rates

A big rate cut by Broadway Federal Bank has shuffled our rankings of the best 24- and 36-month CD rates.

Broadway Federal, which has five Los Angeles branches, had been paying 2.53% APY on 2-year certificates of deposits, and 2.79% on 3-year CDs.

But today it dropped those returns to 2.02% APY and 2.53% APY, which are still far above average, but no longer the top, nationally available rates.

Tennessee Commerce Bank, which has a single location in Franklin, Tenn., is offering 2.05% APY for a 24-month CD with a $2,500 minimum deposit.

Although it recently stopped posting CD rates on its Web site, you can call (877) 684-2265 for quotes.

Alliance Bank

Alliance Bank, a community bank with 27 branches in central New York, is paying 2.60% APY on 36-month CDs with a $1,000 minimum deposit.

Is there any chance the Federal Reserve will stop punishing savers with these record low interest rates anytime soon?

Not really.

Tom Hoenig, president of the Federal Reserve Bank of Kansas City, seems to be the only member of the Fed’s rate setting committee calling for higher rates this summer.

This morning’s Wall Street Journal says his powerful colleagues are unlikely to consider such a thing until the very end of the year.

If then.

Compare these offers with the best CD rates from scores of other banks in our extensive database.

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2 Existing Comments
  1. James Caveness said:
    on June 9th at 11:40 am

    CommunityOne Bank, a somewhat local bank HQ’d in Asheboro, NC still has a 16-mo. no-strings-attached CD ($10K or larger) paying 1.99% / 2.01 yield as of 6/9/2010. (I am not familiar with any out-of-state regululations that might apply.)

  2. DealMaven said:
    on June 15th at 02:29 pm

    Tennessee Commerce dropped its rate to 2.00% APY today.