Interest rates on bank CDs have been dropping steadily for several weeks, this week there was an exception found in the five year maturities.  Nationwide, the average for the best five year CD rates increased by six basis points or 6/100 of a percent to end at 3.61%. 

Although the average of the highest five year CD rates moved up, the overall best five year CD rate was unchanged for the week.  Acacia Federal Savings Bank of Falls Church, Virginia offers a five year CD that yields 3.80% to hold the top spot.  Dime Direct jumped onto the list of the top ten bank rates with a new promotion for a five year CD that yields 3.75%.  Following this bank rate are the CD promotions of three different U.S. banks that have five year CD rates at 3.65%.  Tennessee Commerce Bank, One West Bank and State Bank of India have five year CDs at the rate of 3.65%.

Third Federal Savings also reaches the list for the first time with a five year CD that yields 3.50%.  Third Federal serves customers via the internet as well as from 23 full service bank branches in Northeast Ohio, eight lending offices in Central and Southern Ohio, and 15 full service branches throughout Florida.  As of March 31, 2009, Third Federal had total assets of $10.8 billion.  In addition to Third Federal, iGOBanking and Discover Bank also offer five year CD rates at 3.50%. 

Goldwater Bank based in Arizona and Intervest National Bank of New York are the remaining banks in the top ten list for five year CDs.  Goldwater Bank markets a five year CD at 3.51% while Intervest National has a slightly higher interest rate of 3.62% on their certificate of deposit.  Both interest rates are unchanged from the prior week.

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