NOTICE FOR BANKS: The CD rate for 2013 has been set at .46%.
The CD Program has been offered to banks and savings and loans since 1973. The purpose was the hopes of increasing bank deposits for loan purposes. From inception until 1980 the Investment Council set the interest rate based on marketable CD rates that prevailed at the time.
In 1980 the Investment Council approved the use of the coupon equivalent yield for the one-year Treasury Bill. The rate is always set as close to the year end as possible.
In 1980 the total amount that could be allocated to banks and savings and loans was $30 million.
In 1985 this was increased to $35 million. From inception of the CD program until 1993 the amount of allocations that banks did not take was re-allocated to banks that wanted the CD.
In 1994 this was changed so banks only could take what was allocated. In 2001 other qualified public depositories (credit unions) were offered the dollar amount that banks did not take.
The CD program is done at the end of the calendar year. The CDs are for one year. The Treasurer's Office and the Investment Council are responsible for the CD program. The actual administration of the CD program is handled at the Treasurer's Office.
History of CD Rates & Bank / Saving & Loan Participation
| Date Rate Set |
Over $100 No. of Banks in Program |
Rate Set |
Under $100 No. of Banks in Program |
Rate Set |
Bank Money Allocated |
S & L Money Allocated |
Credit Union Money Allocated |
Total Money Allocated |
No. of Banks not in Program |
* no reallocation offered
** no reallocation offered to banks; re-offering made to credit unions |
| Mar-73 |
36 |
7.000% |
107 |
5.500% |
$19,388,000 |
$0 |
$0 |
$19,388,000 |
0 |
| Jun-73 |
36 |
7.250% |
105 |
6.000% |
$19,254,000 |
$0 |
$0 |
$19,254,000 |
1 |
| Dec-73 |
37 |
7.375% |
106 |
6.000% |
$19,873,000 |
$0 |
$0 |
$19,873,000 |
1 |
| Mar-74 |
42 |
7.375% |
105 |
6.000% |
$22,832,000 |
$0 |
$0 |
$22,832,000 |
1 |
| Jun-74 |
43 |
8.500% |
110 |
6.000% |
$21,539,000 |
$0 |
$0 |
$21,539,000 |
4 |
| Dec-74 |
42 |
7.750% |
109 |
6.000% |
$21,136,000 |
$0 |
$0 |
$21,136,000 |
5 |
| Mar-75 |
43 |
6.500% |
109 |
6.500% |
$21,571,000 |
$0 |
$0 |
$21,571,000 |
4 |
| Jun-75 |
42 |
6.625% |
98 |
6.625% |
$20,765,000 |
$0 |
$0 |
$20,765,000 |
17 |
| Dec-75 |
43 |
7.000% |
98 |
7.000% |
$21,123,000 |
$0 |
$0 |
$21,123,000 |
16 |
| Mar-76 |
44 |
6.250% |
96 |
6.250% |
$21,098,000 |
$0 |
$0 |
$21,098,000 |
16 |
| Jun-76 |
44 |
6.250% |
97 |
6.250% |
$21,328,000 |
$0 |
$0 |
$21,328,000 |
13 |
| Dec-76 |
43 |
5.150% |
103 |
5.150% |
$21,937,000 |
$0 |
$0 |
$21,937,000 |
8 |
| Dec-77 |
44 |
7.000% |
79 |
7.000% |
$22,000,000 |
$0 |
$0 |
$22,000,000 |
31 |
| Dec-78 |
41 |
9.875% |
89 |
8.000% |
$22,000,000 |
$0 |
$0 |
$22,000,000 |
25 |
| Dec-79 |
84 |
12.250% |
NA |
NA |
$28,402,000 |
$0 |
$0 |
$28,402,000 |
69 |
| Dec-80 |
102 |
13.650% |
NA |
NA |
$28,271,000 |
$1,600,000 |
$0 |
$29,871,000 |
49 |
| Dec-81 |
96 |
13.750% |
NA |
NA |
$28,600,000 |
$1,500,000 |
$0 |
$30,100,000 |
56 |
| Dec-82 |
95 |
8.770% |
NA |
NA |
$28,500,000 |
$1,500,000 |
$0 |
$30,000,000 |
56 |
| Dec-83 |
74 |
10.070% |
NA |
NA |
$29,000,000 |
$1,300,000 |
$0 |
$30,300,000 |
70 |
| Dec-84 |
82 |
9.070% |
NA |
NA |
$28,900,000 |
$1,100,000 |
$0 |
$30,000,000 |
59 |
| Dec-85 |
83 |
7.550% |
NA |
NA |
$28,900,000 |
$5,379,000 |
$0 |
$34,279,000 |
53 |
| Dec-86 |
68 |
5.990% |
NA |
NA |
$28,900,000 |
$6,100,000 |
$0 |
$35,000,000 |
64 |
| Dec-87 |
78 |
7.150% |
NA |
NA |
$28,900,000 |
$6,100,000 |
$0 |
$35,000,000 |
56 |
| Dec-88 |
51 |
9.110% |
NA |
NA |
$28,897,000 |
$6,103,000 |
$0 |
$35,000,000 |
79 |
| Dec-89 |
66 |
7.820% |
NA |
NA |
$28,900,000 |
$6,100,000 |
$0 |
$35,000,000 |
57 |
| Dec-90 |
76 |
6.920% |
NA |
NA |
$29,900,000 |
$5,100,000 |
$0 |
$35,000,000 |
46 |
| Dec-91 |
83 |
4.160% |
NA |
NA |
$30,300,000 |
$4,700,000 |
$0 |
$35,000,000 |
39 |
| Dec-92 |
79 |
3.620% |
NA |
NA |
$30,300,000 |
$7,700,000 |
$0 |
$35,000,000 |
39 |
| Dec-93 |
80 |
3.580% |
NA |
NA |
$32,329,000 |
$2,771,000 |
$0 |
$35,100,000 |
37 |
| Dec-94 |
59 |
7.220% |
NA |
NA |
$19,908,000 |
$1,794,000 |
$0 |
$21,702,000 |
* 57 |
| Dec-95 |
80 |
5.230% |
NA |
NA |
$23,719,000 |
$1,787,000 |
$0 |
$25,506,000 |
* 32 |
| Dec-96 |
87 |
5.460% |
NA |
NA |
$24,651,000 |
$1,613,000 |
$0 |
$26,264,000 |
* 24 |
| Dec-97 |
78 |
5.540% |
NA |
NA |
$24,901,000 |
$1,643,000 |
$0 |
$26,544,000 |
* 21 |
| Dec-98 |
79 |
4.670% |
NA |
NA |
$29,756,000 |
$1,570,000 |
$0 |
$31,326,000 |
* 19 |
| Dec-99 |
76 |
5.960% |
NA |
NA |
$30,048,000 |
$1,678,000 |
$0 |
$31,726,000 |
* 21 |
| Dec-00 |
76 |
5.400% |
NA |
NA |
$30,643,000 |
$2,138,000 |
$0 |
$32,781,000 |
* 15 |
| Dec-01 |
75 |
2.240% |
NA |
NA |
$30,218,000 |
$1,793,000 |
$1,397,000 |
$33,408,000 |
** 15 |
| Dec-02 |
75 |
1.220% |
NA |
NA |
$30,526,000 |
$1,425,000 |
$2,333,000 |
$34,284,000 |
** 15 |
| Dec-03 |
76 |
1.230% |
NA |
NA |
$31,176,000 |
$1,631,000 |
$1,620,000 |
$34,427,000 |
12 |
| Dec-04 |
74 |
2.800% |
NA |
NA |
$30,402,000 |
$1,674,000 |
$2,050,000 |
$34,126,000 |
13 |
| Dec-05 |
73 |
4.420% |
NA |
NA |
$30,775,000 |
$1,646,000 |
$1,770,000 |
$34,191,000 |
14 |
| Dec-06 |
70 |
5.010% |
NA |
NA |
$29,809,000 |
$1,673,000 |
$2,551,000 |
$34,033,000 |
16 |
| Dec-07 |
73 |
3.370% |
NA |
NA |
$31,228,000 |
$1,815,000 |
$1,508,000 |
$34,551,000 |
11 |
| Dec-08 |
73 |
0.290% |
NA |
NA |
$31,344,000 |
$1,635,000 |
$1,948,000 |
$34,927,000 |
11 |
| Dec-09 |
63 |
0.8550% |
NA |
NA |
$22,951,000 |
$1,614,000 |
$3,270,000 |
$27,835,000 |
19 |