No matter how old you are, you’ve never witnessed a bank deposit rate environment that stinks this bad!
If you’ve been in the market for an FDIC insured savings product then you’ve undoubtedly noticed that rates are sitting at some of the lowest levels in history.
Below is a comparison of CD rates (certificate of deposit) rates offered by three of the largest banks in the United States as of February 2013 – all of which are all featuring APY’s significantly under the already abysmal national average.
The list we’ve compiled below shows the interest rates offered on deposits through Chase Bank, Bank of America and Wells Fargo. We’ve compiled a list of the bank’s standard term CD rates which include 6 month CDs, 12 month CDs, 2 year CDs, 3 year CDs and 5 year CDs as well as any promotional offers they have.
Frequently big banks will offer promotional CDs with odd-ball terms such as 9 months, 18 months or 30 months, however, you’ll see that even the promotional offers by these big banks are struggling to keep up with the national average.
For the most part large banks such as these are able to offer much lower savings rates due to their vast branch networks. Because of their constant visibility and reach they are able to service savings accounts to many consumers even though their APY’s significantly lack a competitive edge.
[Learn more about the current landscape for CD and savings rates.]
Bank of America’s CD Rates:
|
Term
|
Rate
|
APY
|
|---|---|---|
| 28 Days | 0.05% | 0.05% |
| 6 Months | 0.10% | 0.12% |
| 12 Months | 0.12% | 0.12% |
| 18 Months | 0.15% | 0.15% |
| 24 Months | 0.25% | 0.25% |
| 36 Months | 0.30% | 0.30% |
| 48 Months | 0.35% | 0.35% |
| 60 Months | 0.50% | 0.50% |
| 120 Months | 0.50% | 0.50% |
Chase Bank CD Rates:
|
Deposit Term (Months)
|
Rate
|
APY
|
|---|---|---|
| 9 | 0.20% | 0.20% |
| 13 | 0.25% | 0.25% |
| 36 | 0.40% | 0.40% |
| 60 | 0.60% | 0.60% |
| 120 | 1.00% | 1.01% |
Wells Fargo CD Rates:
|
Term
|
Rate
|
APY
|
|---|---|---|
| 9 Months | 0.15% | 0.15% |
| 26 Months | 0.25% | 0.25% |
| 39 Months | 0.35% | 0.35% |
| 58 Months | 0.55% | 0.55% |
Get a better idea of how the CD rates by the biggest banks in the US stack up against the competition below.
