It seems that the hunch we had in this post came true. Ben Bernanke has publicly proclaimed that key rates will remain at near zero levels through 2013 and well into 2014. While savers must be banging their heads against the wall after hearing this announcement, we immediately went on a hunt to track down the best 3 year CD rates in a number of states.
The first state we chose to survey was Florida. As most people know (especially those into politics or those that reside in the state) Florida’s demographics primarily consists of an aging population. A population that has made their contributions to society and have earned their wages for doing so – be it large, small or somewhere in between – and are looking for fixed income investment vehicles to stick at least a portion of their nest egg. And here at BankVibe.com we currently are recommending the 3 year CD. We find this to be the optimal time in which to invest. After the FED’s most recent meeting and public announcement, we think the 36 month deposit, if invested in today, will expire at precisely the time in which interest rates will begin to rise, thus freeing up those funds to put back into another certificate of deposit with a higher annual percentage yield.
The top 3 year CD rates in FL are listed below. Keep in mind that the current national average for 36 month certificates of deposit hovers around an incredibly low 1.0% APY.
Top Five 3 year CD Rates in Florida (February 2012)
(If you don’t live in Florida and would like to review the best CD rates available nationwide, stop by our CD rate center.)
1) Peoples Alliance Federal Credit Union (Miami, FL) has a 36 month deposit yielding 1.67% APY requiring a minimum deposit of $500.
2) American Airlines Federal Credit Union (Miami, FL) has a 36 month deposit yielding 1.61% APY requiring a steep minimum deposit of $10,000.
3) Florida Credit Union (Starke, FL) has a 36 month deposit yielding 1.61% APY requiring a minimum deposit of $1,000.
4) Flagier Bank (West Palm Beach, FL) has a 36 month deposit yielding 1.60% APY requiring a minimum deposit of $500.
5) GulfSouth Private Bank (Santa Rosa Beach, FL) has a 36 month deposit yielding 1.60% APY requiring another rather steep minimum deposit of $10,000.
Have you locked in a 3 year CD lately in the sunshine state with a higher interest rate than what we’ve listed above? If so, please share by leaving a comment!