There was no change in the best CD interest rates this week.  The SelectCDrates.com index that measures the highest CD rates for the three month, six month, one year, two year and five year maturities remained at 1.099 percent for the last week of the year.  The weekly CD rate survey showed that the composite index was unchanged from the prior week as were all five of the separate CD terms in the index.

The end of year week was a light trading week for the stock market and bond markets and was relatively lackluster in terms of economic news and data.  These factors most likely were contributing factors to the lack of action in bank rates and CD rates.  During times of market inactivity banks are also lees likely to altar the rates on bank products and take the risk that these rates will be change quickly when market volume returns to normal and may push or pull the general level interest rates higher or lower.

The average rate for the top ten highest three month CD rates available nationally remained at 0.498 percent.  The highest rate with a three month term comes from Hudson City Bank which offers a three month CD rate at 0.75 percent.  Virtual Bank follows a distant second place with a three month CD rate of 0.60 percent.  The UmbrellaBank.com three month certificate continues to be the third highest at 0.51 percent. 

The best six month CD rates are led by Virtual Bank and Stonebridge Bank.  These two banks have six month CDs that yield 0.85 percent.  AloStar Bank of Commerce is the next best bank rate and falls a fair bit lower at 0.76 percent.  Alostar is followed by a slew of banks that offer six month CDs at 0.75 percent including One West Bank, Hudson City Bank, First Internet Bank, Discover Bank and more.

One year CD rates were also led by two banks offering the same yield.  Doral Bank Direct and CIT Bank continue to lead the one year CD rate category with rates at 1.15 percent.  Beal Bank has a one year CD at 1.10 percent to play second fiddle.  The third highest one year CD rate can be found at a trio of banks with an interest rate of 1.05 percent.  Included in the 1.05 percent trio is State Bank of India, Nationwide Bank and CNBBankDirect.

The average rate on the top ten best two year CD rates remained at 1.236 percent.  This CD maturity is also led by two banks.  The American Express Bank CD and CIT Bank CD are both promoted with yields at 1.30 percent, the market leaders.  There are three banks running a close second with two year bank CD rates of 1.25 percent.  The second place finishers at 1.25 percent are Ultima Bank Minnesota, Hudson City Bank and CNBBankDirect.

As with the other four CD maturities, the average rate for the top five year bank CDs was held in check over the week.  The average rate for the five year term CD remained at 1.930 percent.  The top five year CD rate is 2.02 percent and can be found at State Bank of India in Chicago.  The next best five year is only two basis points lower, Hudson City Bank markets a five year at 2.00 percent, the second highest rate.  Finishing the top three bank rates with a five year term is Intervest National Bank with a five year CD rate of 1.97 percent.

To find more information on the best CD rates by maturity please see the following CD rate tables at Selectcdrates.com: three month CD ratessix month CD ratesone year CD rates, two year CD rates and five year CD rates.

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