Short and midterm certificate of deposit rates were in a state of suspended animation for the week ending September 4, 2009.  All maturities of bank CD rates held steady with the exception of the long term bank CDs.  The average of the best six month CD rates, one year CD rates and two year CD rates available nationally were unmoved while the five year CD rate average gained some ground. 

After such a dreadful year of almost constant lower bank savings rates, the adjustment of a slight positive movement and some consistency in CD interest rates is a welcome change.

To end the week, the six month CD rate average remained on hold at 1.72%.  The average of the best one year CD rates was unaffected as well, with a yield of 2.04%.  The best two year CD rates continued this trend of staying constant and lingered with an average interest rate of 2.36%.  The only movement in the best CD rates available nationally was in the five year term which showed a gain of two basis points or 2/100 of a percent to close that week at 3.38%.

While the averages showed little activity, the makeup of the lists showed some bank rates moving up while others moved down.  One surprise on the list was the presence of Citicorp on the five year CD rate list.  Citicorp leads off the list of the top ten best five year CD rates with an interest rate of 3.50%.  Citicorp is joined by iGObanking which also offers a five year bank CD rate at 3.50%.

The highest CD rates in the two year category remained with Tennessee Commerce Bank which offers a two year CD rate at 2.50%.  The one year CD rate leader also remained week over week, with One West Bank holding the top position with a one year CD rate of 2.10%.  The six month CD rate top bank changed from UFB Direct to La Jolla Bank which offers the six month term CD with an interest rate of 1.80%.  The top interest rate for this term was unchanged from the previous week as was the two year CD rate and five year CD rate.

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