Fed Meeting: Downshift to 25-bp Rate Hike - Strategies for Savers
CD Deals Summary
Fed Meeting Preview and Deposit Rate Forecast - January 24, 2023Higher Rates at Corus and UFB Direct
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ON BY Ken Tumin
Corus Bank raised the rate by 4 basis points on both of its CDs and its money market account today. The money market account rate increased to 5.08% APY. The 6-month and 12-month CD rates increased to 5.64% and 5.72% APY.
Corus Bank's certificate of deposit rates have been rising a little each week and have remained near the top of its competitors. To get a sense of how much they have risen, three months ago, the money market account, 6-month CD and 12-month APYs were 4.70%, 5.12% and 5.27%. The largest increase has been in the 6-month CD rate.
UFB Direct also made rate increases today. The rate of the Jumbo Money Market Account increased from 5.13% to 5.16% APY. This requires a minimum $50K balance. The new APYs for UFB's 3-month, 6-month and 12-month CDs are 5.38%, 5.57% and 5.71%. The 5.71% APY also applies to all terms over 1 year. The previous APYs were 5.30%, 5.55% and 5.65%.
The yield of UFB's no-minimum Money Market Savings remains at 4.50% APY. This rate was bumped-up from 4.40% to 4.50% in early June and hasn't changed much since April. It's time for UFB to raise this rate. Before long ING Direct's savings account may have a higher rate than this.
Earlier this month, a reader informed me about a change at UFB Direct. Its rating at Bankrate.com has improved to 4 out of 5 stars (sound). It had been as low as 1 star last April.
For more info on UFB Direct, refer to this previous post.
Corus Bank's certificate of deposit rates have been rising a little each week and have remained near the top of its competitors. To get a sense of how much they have risen, three months ago, the money market account, 6-month CD and 12-month APYs were 4.70%, 5.12% and 5.27%. The largest increase has been in the 6-month CD rate.
UFB Direct also made rate increases today. The rate of the Jumbo Money Market Account increased from 5.13% to 5.16% APY. This requires a minimum $50K balance. The new APYs for UFB's 3-month, 6-month and 12-month CDs are 5.38%, 5.57% and 5.71%. The 5.71% APY also applies to all terms over 1 year. The previous APYs were 5.30%, 5.55% and 5.65%.
The yield of UFB's no-minimum Money Market Savings remains at 4.50% APY. This rate was bumped-up from 4.40% to 4.50% in early June and hasn't changed much since April. It's time for UFB to raise this rate. Before long ING Direct's savings account may have a higher rate than this.
Earlier this month, a reader informed me about a change at UFB Direct. Its rating at Bankrate.com has improved to 4 out of 5 stars (sound). It had been as low as 1 star last April.
For more info on UFB Direct, refer to this previous post.