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%.