Magazine article American Banker

Retail CDs: Special-Term Competition: Top Rate Premiums Offered on Special-Term CDs in 15 Largest Deposit Markets, from Novantas and Market Rates Insight. Week Ended Jan. 5

Magazine article American Banker

Retail CDs: Special-Term Competition: Top Rate Premiums Offered on Special-Term CDs in 15 Largest Deposit Markets, from Novantas and Market Rates Insight. Week Ended Jan. 5

Article excerpt

Denominated in irregular maturities, "special-term" CDs can help achieve select funding objectives and sometimes pay significant premiums. The competitive focus on small liquid balances continued last week as average off-term spreads on three- and six-month CDs dominated across the top 15 markets. In three-month bidding, premiums on balances under $10,000 dominated the leader list, with institutions in California and Texas being the most aggressive. At 1.28%, the 15-market average premium on three-month CDs was up 13 basis points from a month earlier.

4-5 months vs. 3 months

Special-term

MSA deposit market Balance tier premium

Orange County, Calif. $0-$9.9K 2.70%

Oakland, Calif. $0-$9.9K 2.54

Los Angeles-Long Beach $0-$9.9K 2.28

Dallas $0-$9.9K 2.16

San Francisco $0-$9.9K 2.13

Houston $0-$9.9K 2.09

Orange County, Calif. $10K-$24.9K 2.01

Orange County, Calif. $25K-$89.9K 1.97

New York Multiple 1.95

Oakland, Calif. $10K-$24.9K 1.90

Top 15 markets weighted average 1.28

7-8 months vs. 6 months

Special-term

MSA deposit market Balance tier premium

Nassau-Suffolk, N.Y. $0-$9.9K 2.14%

D.C.-Md.-Va.-W.Va. $0-$9.9K 2.13

Nassau-Suffolk, N.Y. Multiple 2.04

D.C.-Md.-Va.-W.Va. Multiple 1.97

Houston $0-$9.9K 1.95

Dallas Multiple 1.88

Nassau-Suffolk, N.Y. $90K+ 1.77

Chicago $10K-$24.9K 1.74

Miami $10K-$24.9K 1.68

New York $90K+ 1.65

Top 15 markets weighted average 1. …

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