Bank rates moved lower for both borrowers and savers for the week ending April 26, 2013 based on the most recent survey of bank rates conducted by SelectCDrates.com.  CD interest rates were down slightly for the week with the majority of the losses in yield coming on the long term maturities.

Based on the current survey, the average rate on the top CD rates available nationally drifted lower by 5/1000ths of a percent, not quite one basis point.  The average CD rate in the survey, the CD rate index, measures the best CD rate available nationally across five different maturities including the best three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates.  The CD rate ended the week of April 26, 2013 at 0.987 percent which compares to an average rate of 0.992 percent in the week earlier.

The top three month CD rates followed the average and dropped by .005 percent this past week.  The average rate on the top ten best three month bank CDs ended the week at 0.442 percent, off from the previous week’s average rate of 0.447 percent.  UmbrellaBank.com, a division of Beal Bank, offers the best CD rate in the three month term category with a CD rate of 0.51 percent.

In the six month maturity, the average rate on the top ten best six month CD rates available nationally stands at 0.709 percent, which is unchanged from the prior week.  The highest six month CD rate in the nation comes from Doral Direct which is the online branch of Doral Bank.  The six month CD rate at Doral Direct is 0.88 percent which is measurably higher than the nest best rate of 0.75 percent.  

The average rate on the highest one year CD rates increased bucked the down trend over the week.  The rate on the top ten one year CDs closed the week at 1.000 percent or .005 percent higher than the previous week’s average rate of 0.995.  There are a few banks offering the highest one year CD rate at 1.05 percent.  NexBank, GE Capital Bank and CIT Bank all have one year CDs with an interest rate of 1.05 percent.

Two year CD rates were almost unaltered, climbing higher by just .001 percent.  The average rate for the best two year bank CDs ticked up to 1.158 percent from 1.157 percent in the preceding week.  NexBank leads the two year term CDs with a CD interest rate of 1.40 percent.

The five year CDs took a big hit in the average yield offered.  The rate on the top ten highest five year CD rates fell to 1.624 percent, a loss of 2.7 basis points from last week’s rate of 1.651 percent.  One basis point is equal to 1/100th of a percent.  The best five year CD rate is a product of Barclays Bank which offers the five year CD rate at 1.75 percent.

A comprehensive list of the best CD rates across the nation is available to help consumers shop and compare the highest CD rates by maturity can be found at following CD rate tables: three month CD ratessix month CD ratesnine month CD rates, one year CD rates, two year CD rates, three year CD rates, four year CD rates and five year CD rates.

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