Bank certificate of deposit rates were lower on all maturities for the week ending November 27, 2009.  CD interest rate reductions for the average of the best bank rates were relatively modest, albeit from relatively low current yields.  The long term bank CD rates, five year term CDs, as well as well as the short term CDs, six month term bank CDs, were the hardest hit during the past week.

The average of the best six month CD rates fell by two basis points or 2/100 of a percent for the week.  The average rate of the top ten best six month CD rates closed the week at 1.53%, off from the prior week’s average of 1.55%.  The highest six month CD rate available nationally held constant at 1.60%.  The best six month rate available nationally can be found at FirstFedDirect as well as The Palladian Private Bank. 

One year CD rates were lower by just one basis point over the past week.  The average of the best one year CD rates settled at 1.97%, down from the earlier week’s average of 1.98%.  The highest one year CD rate available was unaltered for the week.  The best one year CD rate remained at 2.10% and is offered by UmbrellaBank.com.

The average of the best two year bank CD interest rates moved with same magnitude of the one year CDs, falling by one basis point on the week.  The average yield on one year bank CDs ended the week at 2.27% down from the previous week average of 2.28%.  As with the six month and one year maturities, the highest two year bank CD rates remained constant through the week.  The best two year CD rate continues to be offered by Atlantic Coast Bank with an interest rate of 2.40%.

The five year CD rates absorbed the largest loss in yield for the week.  The average of the top ten best five year CD rates was lower by three basis points, dragging the yield down to 3.36%.  The average of the best five year CD rates stood at 3.39% during the preceding week.  Fortunately, the highest five year CD rate followed the other maturities and remained steady week over week.   The best five year CD rate available nationally is marketed by Goldwater Bank with an interest rate of 3.55%.

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