According to this week’s survey of the top ten best certificate of deposit rates available nationally, performed by Selectcdrates.com, bank CD rates have now reached new lows for the year.  Bank CD interest rates were down for all terms or maturities again this week.  

The average rate for the top ten highest 6 month bank CD rate fell by three basis points or 3/100 of a percent driving the average yield down to 1.29% from the previous week’s average of 1.32%.  The best 6 month CD interest rate fell by four basis points and now stands with an interest rate of 1.36%.

The one year CD rates gave up an alarming five basis points on the week.  The average rate for the one year certificates moved down to 1.67% from last week’s average of 1.72%.  The highest one year CD rate managed to hold on at 1.90%, unchanged for the week.

The average rate on the top ten two year bank CDs shed three basis points.  The loss in yield brought the average rate to 2.10% from the prior week’s average interest rate of 2.13%.  The highest two year CD also managed to hold it’s aground with a yield of 2.30%. 

Five year CD rates took a fairly good tumble and lost six basis points week over week.  The average five year CD rate is now sitting at 3.22% off from the previous week’s average of 3.28%.

Investors can still find high yielding CD rates in this market.  The spread between the highest CD rates available and the average rates has widened making the choice of banks selected for an investors deposit more important than ever.  Simply choosing a bank CD rate on the list of the highest rates will not be enough to ensure the best rate available. 

CD rates among regional banks and state chartered banks also reveals opportunities not found among the national rates.  Good bank rate shopping starts with the highest rates, compares the top rates and continues with a review the regional and local markets.

Good research and shopping among the rate tables provided can help investors find the right bank rates and terms to fit their needs.

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