California CD rates followed the lead of the national bank rates for the week of June 12, 2009 and ended for the most part on a down note.  The average for the best CD rates in California weakened with the exception of the five year term which ascended.  This bank interest rate adjustment followed similar activity for the best national rates.

The six month CD rates in California dropped measurably for the week, declining from 2.28% to 2.21%.  Some of the reduction in rates is due to changes in promotional rates that are available on odd month CD terms.  Plaza Bank is one bank that encountered such a change.  Plaza Bank was last weeks leader in the six month term but was included on the top bank rate list with their nine month term CD.  That CD rate is no longer available and the new leader is Wilshire State Bank which also coincidentally leads the best national rate list.  Wilshire State Bank continues to promote a six month CD with an interest rate of 2.52%.  Note – this offer expires this week at which time they will be reducing the rate to 1.95%.

The best one year CD rates in California also gave up some ground up, falling from 2.53% at the start of the week to 2.51% at the close of the week.  The best one year CD rate is now the product of Mirae Bank with an interest rate set at 2.60%.  Mirae Bank is headquartered in L.A and has six bank branches in the surrounding area.  American Plus Bank and Hanmi Bank immediately follow this rate with one year CDs that yield 2.53%.  Only one basis point lower is the one year CD of Wilshire State Bank with a rate of 2.52%.

Two year CD rates in California tripped and fell six basis points or 6/100 of a percent to average 2.63% at weeks end.  Kaiser Federal Bank offers the best two year CD rate at 2.85%.  First Republic Bank maintains a two year CD with an interest rate of 2.80%.  American Plus Bank has the third highest CD rate available at 2.78%.

The average of the best five year CD rates moved in the opposite direction of the other terms and climbed for the week by seven basis points to end at 3.51%.  First Republic Bank has the highest five year CD rate at 2.80%.  American Plus Bank is close with a five year CD yielding 2.78%.  The remaining top bank rates with a five year term drop off quite a bit with Vineyard Bank offering the next best rate at 2.59%.  The outstanding bank rates on the list of the best five year CD rates all market five year CD s with rates just above 3.50%.

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