California CD rates continued to adjust downward for the week ending June 19, 2009.   The average rate on the best six month CD rates in California declined by a stunning 12 basis points or 12/100 of a percent.  The six month CD rates averaged 2.09% this week, down from last week’s average of 2.21%.  The one year CD rates in California fell by a third as much or by four basis points to end the week at 2.47%.  Two year CD rates in California remained unchanged for the week, holding steady at an average rate of 2.69%.  The average for the best California CD rates with a five year term was pushed down by four basis points for the week to end at 3.49%.

The best six month CD rates in California are in a very tight range.  The highest six month rate is at 2.16% and comes from Mirae Bank.  Only one basis point below this bank rate is the six month CD of United Central Bank with a yield of 2.15%.  Vineyard Bank follows these two banks with a six month CD rate of 2.11%.

Two California banks lead off the best one year CD rates.  Broadway Federal Bank and American Plus Bank both offer one year CD rates of 2.53%.  Mirae Bank makes this term category as well with a one year CD that has an interest rate of 2.50%.

The two year CD rate category in California is led by Kaiser Federal Bank that promotes a two year CD with a rate of 2.85%.  First Republic Bank has a two year CD five basis points lower in yield at 2.80%.  The top three banks include American Plus Bank which offers a two year CD rate at 2.78%.

US Bank leads the list of California banks with the best five year CD rate.  US Bank recently raised the interest rate on their 59 month promotional CD to 4.00% which easily leads for this maturity.  One West Bank offers a five year CD promoted as online only that has an interest rate of 3.65%.  Broadway Federal Bank and La Jolla Bank market competitively priced five year CDs with rates of 3.56% and 3.50%, respectively.

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