Bank rates fell…….through the floor this week.  Fortunately, the full impact was not absorbed in CD interest rates although, in the coming days bank CD rates are sure to drop further.  The European debt crisis not only refused to go away but appears to be bigger than ever.  The combination of more problems with European government debt and weak economic figures on the U.S recovery pushed interest rates lower.  All bank rates and CD rates moved down for the week as did the stock market.  Just a bad week, unless you were holding short positions in equities.

The average CD interest rate as measured by the Selectcdrates.com composite CD rate index of the best three month CDs through five year CDs was lower by one basis point or 1/100th of a percent as the week came to a close.  The average rate for the best CD rates available nationally across all CD maturities in the weekly rate survey closed the week at 1.315 percent.

Six month CD rates held relatively stable and declined by just under one basis point from the previous week.  The average rate for the best six month bank CDs came in at 0.995 percent this week.  AloStar Bank holds on to first position with the highest six month CD rate again.  However, the bank has reduced the yield on their CD to 1.05 percent.  Aurora Bank is nipping at their heals with a six month CD rate of 1.04 percent.

The top ten highest one year CD rates were, amazingly, unchanged this week.  The average rate for the best one year CD rates held at 1.208 percent.   Yes, AloStar Bank has the highest one year CD rate available nationally too.  The AloStar Bank one year CD interest rate is 1.27 percent which is unchanged from the prior week.  Eloan runs a very close second place with a one year CD that yields 1.26 percent.

The average rate on two year bank CDs were pushed lower by just over one basis point.  The average rate on the top ten best two year CDs slipped to 1.417 percent from 1.431 percent. Instead of two banks holding the top position in this maturity, CNBBank Direct stands alone with the best two year CD rate.  CNBBank Direct offers a two year CD that has an interest rate of 1.50 percent, unchanged from the prior week.

Five year CD rates, once again, took the brunt of the rate reductions this week.  The average rate on the best five year CDs fell almost three basis points.  The average rate for the best five year bank CDs now stands at 2.354 percent from 2.380 percent in the prior week.  The highest five year CD rate is at 2.50 percent which is unaltered from the previous week.

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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