For the week ending April 24, 2009 the best CD rates in Arizona moved at a snails pace.  Most of the movement was downwards but if you blinked you wouldn’t have notices the rate changes.  The best six month CD rate in Arizona is presented by Bank USA, unchanged from the previous week.  The rate on this six month certificate of deposit is 2.50%, 25 basis points above the best nation six month rate.  Meridian Bank remains in second place with a slightly lower promotional seven month CD that has an interest rate of 2.27%.  Just one basis point back is another seven month promotional offer, this one from Bankers Trust at 2.26%.  AmTrust Bank is yet one more basis point back with a six month CD that has an interest rate of 2.25% which matches the best national six month CD rate.

The highest one year CD rate in Arizona inches above the best one year national rate by just one basis point.  Metro Phoenix Bank is this week’s one year CD rate leader offering a certificate of deposit with a 2.78% rate.  Bankers Trust is a distant second place with an extended 18 month term CD that has a rate of 2.51%.  A whisker behind this offer is the one year CD from Community Bank of Arizona that earns an interest rate of 2.50%.  Gold Canyon Bank falls behind this rate with a one year CD rate of 2.48%.  Gateway Commercial Bank and Meridian Bank round out the best one year CD rates in Arizona with rates of 2.45% and 2.42% respectively.

The best two year CD rate in Arizona surpasses the best national rate by three basis points, but the depth of the list drops off markedly after that.  The top rate is once again being offered by Metro Phoenix Bank with an interest rate of 2.93%.  Community Bank of Arizona is in second spot with a two year CD rate of 2.75%.  Gold Canyon Bank is breathing down Community’s back with a two year CD at 2.74%.  The list continues with two year CD rates of 2.63%, 2.55% an concludes with the two year CD of Union Bank that yields 2.52%.

In the five year CD rate category, the relatively new Downey Savings, revitalized after FDIC takeover under ownership by US Bank, remains on top with a 4.00% five year CD rate.  Bank rates and products are marketed under the Downey Savings name but the financial institution is wholly owned by US Bank.  Oddly, US Bank places in second place as well with a 59 month CD of their own at 3.75%.  Rates drop another ¼ percent from this bank CD rate to 3.50% with a five year CD marketed by MidFirst Bank.

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