With the exception of the five year bank CD maturities, CD interest rates were little changed for the week ending February 24, 2012.  Based on the most recent survey of CD rates conducted by Selectcdrates.com, the average interest rate offered on the top CD rates available nationally dropped by a very slim margin compared to the previous week.  The average interest rate offered on bank CDs across all maturities in the survey slipped by less than one basis point or 1/100th of a percent.  The average overall CD rate shifted lower to 1.058 percent from 1.063 percent in the prior week or a reduction of just 3/1000ths of a percent.

The bank CD maturities included in the weekly bank CD rate survey conducted by SelectCDrates.com includes three month term CDs, six month CDs, one year CDs, two year CDs and five year certificates. 

The average rate offered on the best three month CDs available nationally were unchanged for the week ending February 24, 2012.  The interest rate for this CD terms stands at 0.478 percent and has been held at that level for the past three weeks.  The highest three month CD rate is also unchanged at 0.60 percent and is available at VirtualBank.  VirtualBank is a division of Sabadell United Bank based in Florida.  VirtualBank is the online division of the bank and conducts all of its business online.  Following VirtualBank’s three month CD rate, the next best rate comes from UmbrellaBank.com which is the online division of Beal Bank and also conducts business solely online.  UmbrellaBank.com has a three month CD with an interest rate of 0.51 percent.

The top six month CD rates remained in place this week with the average rate among the top ten highest six month CDs holding at 0.764 percent.  The best six month CD rate is found at at AloStar Bank of Commerce which offers this term CD with an interest rate of 0.85 percent.  The Colorado Bank six month CD and VirtualBank six month CD are falling five basis points behind the leader, both banks offer a six month CD at 0.80 percent.

One year CD rates ended the week with a minor reduction in the average rate found at the top ten best bank rates.  The current one year CD rate stands at 1.503 percent compared to 1.055 percent available in the previous week.  Doral Bank keeps the top spot with a one year yielding 1.15 percent.  CIT Bank has the second best rate with a one year CD yielding 1.08 percent.

The best two year CD rates were much like the shorter term six month and three month rates by not moving about this week.  The average rate for the ten highest two year certificates remained at 1.180 percent.  The CIT Bank CD with a two year term is the best rate at 1.26 percent.  VirtualBank has a two year with an interest rate at 1.21 percent to hold the second best yield which is followed closely by CIT Bank where the two year CD can be opened with an interest rate of 1.08 percent.

The longer term CDs, five year maturities, once again caused all the damage to the overall index with a reduction of two basis points.  The average rate across the top ten highest five year bank CD rates fell to 1.816 percent from 1.836 percent from the previous week.  The best five year CD rate comes from State Bank of India at the New York office which offers a five year term certificate with a 1.96 percent yield.  Seacoast Commerce Bank offers the second best five year CD rate at 1.85 percent.

To find more information on the highest CD rates by maturity for the February 27, 2012 CD rate survey 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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