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Last updated on April 23, 2014 at 1:22 EDT

Bernanke acknowledges that low interest rates could impair financial stability

February 26, 2013

TheStreet and RateWatch Report Top CD Rate Issuers

NEW YORK, Feb. 26, 2013 /PRNewswire/ — RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST) reported today that interest rates for savings products remained the same over the previous week with the national average on a 4-year and 5-year CD decreasing by 0.01 percent based on data collected from over 90,000 financial institution locations.

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CD rates have generally remained unchanged at record-low levels. The Federal Reserve has continued to keep the short-term federal funds rate at a range of zero to 0.25% since late 2008. Federal Reserve Chairman Ben Bernanke’s testimony to Congress on Tuesday suggested that the central bank would continue to keep interest-rates low. Bernanke also acknowledged that the policy-making wing of the Fed understands that low interest rates for a “considerable” amount of time could impair financial stability.

TheStreet’s economist, Joe Deaux, states, “Bernanke’s comments led economists and analysts to suggest that the central bank’s highly accommodative monetary policy would remain in effect at least through 2013, which is a pivot in sentiment from last week’s Fed announcement that “many” central bank members thought monetary stimulus should begin to scale back during 2013. Status quo purchasing of $85 billion a month in longer-term Treasuries and mortgage-backed securities would likely extend the Fed’s commitment to keep interest rates low.”

NATIONAL AVERAGE RESULTS – $10K

                          This week             Last week
                          ---------             ---------
    Money Market                          0.12                  0.12
    ------------                          ----                  ----
    1 month CD                            0.06                  0.06
    ----------                            ----                  ----
    3 month CD                            0.10                  0.10
    ----------                            ----                  ----
    6 month CD                            0.16                  0.16
    ----------                            ----                  ----
    1 year CD                             0.25                  0.25
    ---------                             ----                  ----
    2 year CD                             0.40                  0.40
    ---------                             ----                  ----
    3 year CD                             0.54                  0.54
    ---------                             ----                  ----
    4 year CD                             0.66                  0.67
    ---------                             ----                  ----
    5 year CD                             0.85                  0.86
    ---------                             ----                  ----

TOP RATE ISSUERS – $10K

This is a list of issuers with top interest rates. The issuer’s Financial Strength Rating is an independent, unbiased evaluation of quarterly regulatory statements.

    Money Market                                  Financial  Minimum       APY
                                                   Strength to Earn
                                                    Rating Interest
    ---                                             ------ --------
    Sallie Mae Bank                           A-                          1    0.950
                                              ---                       ---    -----
    801-281-1423
    www.salliemaebank.com
    ---------------------
    Ally Bank                                 B+                          1    0.900
                                              ---                       ---    -----
    877-247-2559
    www.ally.com
    ------------
    Customers Bank                            C-                      10000    0.800
                                              ---                     -----    -----
    610-933-2000
    www.customersbank.com
    ---------------------
    1 Month CD                                    Financial  Minimum        APY
                                                   Strength  to Earn
                                                    Rating  Interest
    ---                                             ------  --------
    First NBC Bank                            B-                       1000    0.510
                                              ---                      ----    -----
    504-671-3550
    www.firstnbcbank.com
    --------------------
    Pinnacle Bank                             B-                        500    0.500
                                              ---                       ---    -----
    402-529-3581
    www.pinnbank.com
    ----------------
    Carter Bank & Trust                       C+                       2500    0.500
                                              ---                      ----    -----
    828-325-9800
    www.carterbankandtrust.com
    --------------------------
    3 Month CD                                    Financial  Minimum        APY
                                                   Strength  to Earn
                                                    Rating  Interest
    ---                                             ------  --------
    Eloan.com                                 C-                      10000    0.650
                                              ---                     -----    -----
    888-533-5333
    www.eloan.com
    -------------
    EverBank                                  D+                       1500    0.590
                                              ---                      ----    -----
    888-882-3837
    www.everbank.com
    ----------------
    Beal Bank, SSB                            C                        1000    0.511
                                              ---                      ----    -----
    205-202-8511
    www.bealbank.com
    ----------------
    6 Month CD                                    Financial  Minimum        APY
                                                   Strength  to Earn
                                                    Rating   Interest
    ---                                             ------  --------
    Doral Bank                                E+                        500    0.890
                                              ---                       ---    -----
    212-329-3700
    www.doralbankdirect.com
    -----------------------
    CapitalSource Bank                        B                       10000    0.800
                                              ---                     -----    -----
    888-433-4272
    www.capitalsourcebank.com
    -------------------------
    Beal Bank USA                             B-                       1000    0.750
                                              ---                      ----    -----
    702-598-3500
    www.bealbankusa.com
    -------------------
    1 Year CD                                     Financial  Minimum        APY
                                                   Strength  to Earn
                                                    Rating  Interest
    ---                                             ------  --------
    Beal Bank USA                             B-                       1000    1.110
                                              ---                      ----    -----
    786-347-3601
    www.bealbankusa.com
    -------------------
    Sallie Mae Bank                           A-                          1    1.050
                                              ---                       ---    -----
    801-281-1423
    www.salliemaebank.com
    ---------------------
    Doral Bank                                E+                        500    1.050
                                              ---                       ---    -----
    850-914-2525
    www.doralbankflorida.com
    ------------------------
    2 Year CD                                     Financial  Minimum        APY
                                                   Strength  to Earn
                                                    Rating   Interest
    ---                                             ------  --------
    Doral Bank                                E+                        500    1.300
                                              ---                       ---    -----
    850-914-2525
    www.doralbankflorida.com
    ------------------------
    FirstBank Florida                         D+                       1000    1.250
                                              ---                      ----    -----
    305-740-9522
    www.firstbankfla.com
    --------------------
    Nationwide Bank                           B+                      10000    1.200
                                              ---                     -----    -----
    614-249-6226
    www.nationwide.com
    ------------------
    3 Year CD                                     Financial  Minimum        APY
                                                   Strength  to Earn
                                                    Rating   Interest
    ---                                             ------  --------
    First NBC Bank                            B-                      10000    1.970
                                              ---                     -----    -----
    504-671-3550
    www.firstnbcbank.com
    --------------------
    Doral Bank                                E+                        500    1.450
                                              ---                       ---    -----
    850-914-2525
    www.doralbankflorida.com
    ------------------------
    Banco Popular North America               C-                      10000    1.450
                                              ---                     -----    -----
    800-377-0800
    www.bancopopular.com
    --------------------
    4 Year CD                                     Financial  Minimum        APY
                                                   Strength  to Earn
                                                    Rating   Interest
    ---                                             ------  --------
    Institution for Savings In Newburyport    B                           1    1.750
                                              ---                       ---    -----
    978-462-3106
    www.institutionforsavings.com
    -----------------------------
    Emigrant Bank                             C+                       1000    1.650
                                              ---                      ----    -----
    212-850-4521
    www.emigrant.com
    ----------------
    Yakima Federal Savings & Loan Association A                       10000    1.650
                                              ---                     -----    -----
    509-248-2634
    www.yakimafed.com
    -----------------
    5 Year CD                                     Financial  Minimum        APY
                                                   Strength  to Earn
                                                    Rating  Interest
    ---                                             ------  --------
    First NBC Bank                            B-                      10000    2.120
                                              ---                     -----    -----
    504-671-3550
    www.firstnbcbank.com
    --------------------
    Carter Bank & Trust                       C+                        100    2.020
                                              ---                       ---    -----
    828-325-9800
    www.carterbankandtrust.com
    --------------------------
    Institution for Savings In Newburyport    B                           1    2.000
                                              ---                       ---    -----
    978-462-3106
    www.institutionforsavings.com
    -----------------------------

Institutions are assigned a letter grade of A-E with “A” representing the highest rating based on a review of many aspects of financial safety including capitalization, asset quality, profitability and liquidity.

For more information, visit www.weissratings.com/help/what-our-ratings-mean.aspx.

Information is believed to be accurate, but not guaranteed.

Data is surveyed weekly with averages calculated each Monday afternoon from RateWatch’s unbiased national interest rate survey of over 90,000 financial institution locations across the United States.

About RateWatch
For over 20 years, RateWatch has been the premier provider of competitive interest rate and product information to financial institutions across the United States. Consistently providing top quality, highly relevant data RateWatch maintains the largest database in the industry with deposit, loan, and fee information monitoring over 90,000 locations. Rate surveys, product comparisons, financial strength reporting, local/regional/national averages, fee reporting, specialty reports and more are available. To learn more about RateWatch, visit www.rate-watch.com. RateWatch is a division of TheStreet, Inc.

About TheStreet
TheStreet, Inc. is a leading digital financial media company that distributes its content through online, social media, tablet and mobile channels. The Company’s network of brands includes: TheStreet, RealMoney, RealMoney Pro, Stockpickr, Action Alerts PLUS, Options Profits, Chat on TheStreet, MainStreet and RateWatch. For more information on TheStreet’s business, visit www.t.st. For financial and business news, actionable trading ideas, stock quotes and more, visit TheStreet.com, follow TheStreet on Facebook and Twitter, and access TheStreet through all major mobile and tablet platforms. For more information on The Deal, visit www.thedeal.com.

Contact:

Erin Corcoran
TheStreet, Inc.
212-321-5566
erin.corcoran@thestreet.com

SOURCE TheStreet


Source: PR Newswire