EntSun News

Similar on EntSun News

EntSun News/10687432

SelectCDrates.com Releases Survey Showing Best CD rates in Florida Well above National Rates

NAPERVILLE, Ill. - May 5, 2017 - EntSun -- The top yielding certificates of deposit at Florida banks are significantly higher than the national average based on the most recent survey of bank rates conducted by SelectCDrates.com.

Findings from the current SelectCDrates.com survey show the best Florida CD rates are earning more than six times the national average. At the present time, consumers can add more than one percentage point to their rate of returns by depositing their funds at the top performing bank CDs in the Sunshine State.

Some banks in Florida have boosted their CD rates recently in an effort to attract more funds due to an increasingly favorable banking climate. According to Russell Seed, the chief analyst at SelectCDrates.com, the catalyst for the rate increases is more a reflection of brighter prospects for these institutions as opposed to the rate increases put forth by the Federal Reserve.

Evidence of the ineffectiveness following the Fed rate hikes can be seen in the lackluster movements in the average bank rates offered to savers across the nation. At the start of December 2016, the first rate hike by the Fed in the past year, the national average rate on six month bank CDs was 0.13% and the one year rate was 0.22%.
After the December rate hike by the Federal Reserve and the subsequent rate hike in March, the average rate in May for six month CDs increased to just 0.14% while the one year CDs moved up to 0.24%. That's an average increase of just two basis points or 0.02% after the Fed raised rates by 50 basis points or 0.50%.

Fortunately, savvy savers and investors in Florida can do much better than the national average rate. By comparing the top rates offered by a variety of different banks in Florida, consumers can boost their returns significantly.

Highlights of the Florida CD rates survey include the following banks with a comparison to the national average:

Best six month CD rate in Florida (BAC Florida Bank): 1.00%
Average of the top ten best six month CD rates in Florida: 0.847%
National average six month CD Rate: 0.14%

Best one year CD rate in Florida (Offered by Everbank): 1.45%
Average of the top ten best one year CD rates in Florida: 1.347%
National average one year CD Rate: 0.24%
Best two year CD rate in Florida (Offered by FirstBank Florida): 1.80%
Average of the top ten best two year CD rates in Florida: 1.602%
National average two year CD Rate: 0.39%

The latest survey was conducted on May 2nd, 2017. Along with a listing of the best CD rates in Florida, data is presented with a variety of different terms to maturity, minimum deposit requirements, and contact information for each bank listed.

SelectCDrates.com is a personal finance website that has become one of the leading sources of bank rates for consumers.

Russell Seed
SelectRates Media

Source: SelectRates Media

Show All News |

    Latest on EntSun News