Best Six Month CD Rates October 23, 2009

The average of the best six month CD rates dropped measurably for the week ending October 23, 2009.  The average yield of the top ten six month CD rates was lower by nine basis points or 9/100 of a percent pushing the average interest rate down to 1.59% from 1.68% in the prior week.

The bulk in the rate reduction was caused by the loss of Atlantic Coast Bank’s promotional six month CD rate offer.  Atlantic Coast Bank was the term leader by a wide margin when they offered a six month CD at 2.25%, the rate has now been reduced to a level that moved the bank off the top ten list altogether.  The bank does continues to promote the highest two year CD rate at 2.40%.

The best six month CD rate available nationally is now the product of Ascencia which offers a six month CD rate of 1.76%, a CD rate that is unchanged from the previous week.  The second best six month CD rate comes from Nexity Bank at 1.65% which is also unchanged from the previous week.  NewDominion Bank moved into the top three with a six month CD rate of 1.62%.  NewDominion Bank had held the number five spot, this week La Jolla Bank reduced their six month CD rate from 1.65% to 1.55% allowing to NewDominin to jump ahead with the same rate it had offered in the previous week.

Following the top three bank rates are the six month bank CDs of FirstFedDirect and The Palladian Private Bank which both offer six month rates of 1.60%.  To wrap up the top five best six month CD rates, Met Life Bank and La Jolla Bank market six month CDs with interest rates at 1.55%.

The short term six month CD rates experienced a great deal of volatility this week.  Five banks on the list of the top ten best six month CD rates reduced their rates over the past week.  Bank CD interest rate reductions were large enough for three banks to move them off the list altogether and there were no banks out of the top ten that increased their CD rates during the week.  With this level of rate changes, comparing the best CD rates should be accomplished by studying the best national rates and then compare that with the highest local CD rates as well to securely find the best rates available.

Tags: bank CD, bank rates, Banks, best CD rates, best six month CD rates, CD rates, interest rates, rates, six month CD rates

This entry was posted on Monday, October 26th, 2009 at 7:28 pm and is filed under 6 Month CD Rate Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.