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Empire Corporate Seeing Interest in New Floating Rate CD

ALBANY, N.Y. - Empire Corporate has already attracted $3.5 million in deposits on a new floating rate CD it launched last month. The CD is tied to the 1-month LIBOR and resets monthly. The first rate reset on June 14 earned members a 14 basis point increase. The CD is...

By Staff Writer | Updated on June 29, 2004

ALBANY, N.Y. – Empire Corporate has already attracted $3.5 million in deposits on a new floating rate CD it launched last month. The CD is tied to the 1-month LIBOR and resets monthly. The first rate reset on June 14 earned members a 14 basis point increase. The CD is available in one to five year terms with a minimum investment of $100,000. The corporate said it unveiled the floating rate CD in anticipation of a higher interest rate environment, which everyone is predicting – how fast and dramatic the increases will be is the wild card.

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