Connecticut Bank CD Rates

Connecticut bank cd rates have taken a hit from a particular company now. Sovereign Bank which is strong in the Connecticut area has announced that t is going to take $1.6 billion in charges for its fourth quarter. this is very bad for the bank. While Sovereign bank was offering fairly high cd rates on its short term bank CD’s, it had some lending issues.

There were many customers that defaulted on loans, and this put a serious strain on profits. This lead to a fall in the stock. According to the Chief financial advisor, it has taken a serious loss in profits since this bank was bought.

What does all this mean for you? This means that most likely this next year, things will be a little low when it comes to payouts of short term CD rates. The economy is worsening, and you may find the Feds cutting rates which will cause a drop in bank rates across the board.

If you are going to look for the best cd rates, you will need to look elsewhere for a while. Bank of America CD Rates look decent at the moment, and you may consider checking them out if you already have an account with B of A.