CD interest rates took a mild slide for the week ending August 31, 2012. The average CD rate in the Selectcdrates.com CD rate index dipped lower by a mere 3/1000ths of a percent. The CD rate index, which measures the average rate found on the top ten best three months CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates fell to 1.043 percent from 1.046 percent in the previous week.
The rate reduction was clearly, very mild. Of the five CD maturities measured in the weekly survey, only the six month bank CDs and five year CDs displayed a change in the average rate. The average rate on the highest three month CDs, one year CDs and two year CDs showed no change for the week.
The highest three month CD rates available nationally were unchanged, on average, this week at 0.491 percent. The best three month CD rate is available at EverBank. The EverBank CD rate for a three month term is at 0.66 percent. The highest interest rate is just one basis point above the second best showing, the three month CD at E-Loan which has a yield of 0.65 percent.
The average rate found on the top six month CD rates moved lower on the week but by the absolute smallest of margins. Six month CD rates dipped lower by 1/1000th of a percent over the week. The average rate on the highest six month CD rates available nationally slipped to 0.773 percent from 0.774 percent in the week earlier. The Doral Bank CD rate remains the term leader with the six month CD at Doral earning a rate of 0.92 percent, a whopping 12 basis points above the next best rate of 0.80 percent which is available at few banks in the survey.
One year CD rates stayed put on the week. The average rate found on the top ten highest one year CD rates was held over at 1.041 percent. The highest one year CD rates continue to be a duel between the CIT Bank CD rate and the rate at Bank of Internet. Both banks shared the top spot with one year CDs that yield 1.10 percent.
The two year CDs were also held in check. The average rate for the top ten best two year CD rates remained at 1.169 percent. With a yield of 1.25 percent, CIT Bank holds the top spot for this CD term. The CIT Bank CD is followed by the bank CDs at Doral Bank and EH National Bank which both offered two year CD rates of 1.19 percent.
Five year maturities were the only CDs show any significant movement this week. The average rate on the best five year CDs slumped to 1.741 percent from 1.753 percent in the prior week. State Bank of India, an FDIC insure bank, continues to dominate the top rate with a five year CD rate of 1.86 percent. State Bank of India is followed by a slew o banks that have five year rates at 1.75 percent including the Third Federal Savings CD, the iGOBanking CD, Discover Bank’s CD and AmtrustDirect’s CD.
To find more information on the highest CD rates by maturity for the August 31, 2012 CD rate survey please see the following CD rate tables at Selectcdrates.com: three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates.