California Banking Rates

California Interest Rates Show Bleak Prospects

The end of June didn’t look great for local California interest rates. All told, four of the biggest California rate adjustments were downward changes, not improving numbers like many California depositors had hoped for. This once again means that the month was kind to those who locked in at the previous, higher California interest rates and less to kind to those who waited.

Biggest Rate Drops for California Interest Rates

The most significant drops among California interest rates at the end of June included:

  • AM Federal Credit Union saw the interest rate on its 24-month certificate of deposit (CD) fall by 0.40 percent, leaving the interest rate at a mere 0.30 percent.
  • Central Coast Credit Union lowered rates on their 12-month CD by 0.40 percent, leaving the rate at 0.30 percent.
  • CBC Federal Credit Union suffered a 0.40 percent drop in its rates on 6-month CDs. This change left the rate at 0.35 percent.
  • Lassen County Credit Union‘s took a hit, falling by 0.10 percent to 0.05 percent at the end of June.

California Interest Rates Increase for a Few

It wasn’t all bad news when it comes to California interest rates and changes at the close of June. A couple of services saw rates increase, including:

  • Pacific Postal Credit Union had a dramatic increase in its 6-month CD product. Their rates increased by 0.27 percent to 0.31 percent.
  • Inland Valley Credit Union saw a slight increase on 6-month CDs, up 0.13 percent to 0.18 percent.

No Crystal Ball

There’s no crystal ball that will let depositors see what California interest rates will do from one minute to the next. Rather, you need to exercise judgment when looking at California CD rates by looking at deposit rates in general.

When you find a competitive rate, see if it’s possible to lock in at that rate. In the best case scenario, you are allowed to take advantage of a certain number of rate increases over the account’s term, ensuring that you’re always going to get the best deal possible.