Bank Deposit Rates Remain at Historically Low Levels

NEW YORK, Jan. 22, 2013 /PRNewswire/ -- RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST) reported today that the interest rate on a 6 month CD decreased 0.01 percent over the previous week based on data collected from over 90,000 financial institution locations.

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Bank deposits rates remain at historically low levels, as the Federal Reserve has kept its target range for the short-term federal funds rate in a range of zero to 0.25% since late 2008.  The Federal Reserve Open Market Committee in December said that it expected this target range to remain  "appropriate at least as long as the unemployment rate remains above 6-1/2 percent," and as long as inflation projections remain within 0.5% of the central bank's long-term goal of 2%.

Fourth-quarter earnings reports from money center banks and large regional banks show that the multiyear inflow of non-interest bearing deposits has continued, providing plenty of excess liquidity and making significant rate competition unlikely until the overall economy heats up further.  Longer-term CD rates have continued to decline, with the national average five-year CD rate declining by five basis points over the past two months, while the average four-year CD rate has declined by four basis points, and the average three-year CD rate has declined by three basis points.

NATIONAL AVERAGE RESULTS - $10K

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. 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
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Contact:  

Erin Corcoran 
TheStreet, Inc.      
212-321-5566       
[email protected]      

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SOURCE TheStreet