Bank rates tumbled modestly for the week ending July 29, 2011.  Unfortunately, CD interest rates absorbed a significant portion of the reductions seen in bank rates this past week.  The reduction in CD interest rates may appear relatively mild but when evaluated based on the existing low levels of bank CD rates; the interest rate changes are fairly significant.

The average CD interest rate slipped by a little more than two basis points or 2/100’s of a percent.  The average CD interest rate based on a measurement of the best short term bank CDs and best long term CDs, ended the week at 1.325 percent.  The current average CD interest rate is exactly 2.5 basis points off of the prior week’s average rate of 1.35 percent.

The best three month CD rates moved for the first time in several weeks sadly, a move to the downside.  The average rate on the top ten three month CD rates dipped to 0.603 percent from 0.633 percent in the prior week.  The very best three month CD rate available however, was unchanged at 0.81 percent.  The top three month CD interest rate comes from AloStar Bank of Commerce / Nexity Bank and requires a minimum $1,000.00 deposit.

The best six month CD rates dropped by a touch over two basis points with the average rate moving down to 1.002 percent from 1.026 percent in the week earlier.  The best six month CD rate is also coming from our friends in Alabama, AloStar Bank.  AloStar Bank offers a six month CD rate that leads the nation at 1.12 percent.

The average rate for the top ten highest one year CDs was down almost as much as the six month term.  One year CD rates slumped by just over two basis points, putting the average one year CD rate at 1.208 percent after reaching 1.230 percent during the prior week.  AloStar Bank makes it a triple play this week with the best one year CD rate to go with the best six month and three month.  The AloStar Bank one year CD rate is at 1.27 percent.  AloStar Bank is being chased closely by E-Loan which offers a one year CD rate only one basis point lower at 1.26 percent.

Two year CD rates had the smallest rate change for the week.  The average rate for the top ten best two year bank CDs was down by a little more than one basis point.  The average two year CD rates ended the week at 1.431 percent, down from last week’s figure of 1.447 percent.  The highest two year CD rate this week is at 1.50 percent and is available at two different banks.  Hudson City Savings Bank and CNBBank Direct offer two year CDs that yield 1.50 percent.

Five year CD rates experienced the greatest drop this week.  The average rate on the top ten best five year CDs dropped over three basis points pushing the average rate to 2.380 percent from 2.413 percent.  The best five year CD rate is a product of NOVA Bank with an interest rate of 2.50 percent.  The best five year CD is followed Urban Partnership Bank which has a five year CD at 2.42 percent.  Five year CDs have displayed the biggest change among the banks that offer these rates with at least six different banks offering the best five year term CD in the month of July.   

To search and compare the best CD rates nationally by maturity including the best three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates please see the following CD interest rate tables: 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates.

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