The best five year CD rates were off just a smidgen for the week ending October 29, 2009.  The average of the ten highest five year CD rates stood at 3.40% which is down by one basis point or 1/100 of a percent from the previous week when the rate settled at 3.41%.

The best five year CD rate available nationally can be found at two banks.  FlagStar Bank and iGOBanking promote five year bank CDs with interest rates of 3.50%.  These bank rates are unaltered from the prior week at both financial institutions. 

State Bank of India in New York offers the second best five year rate at 3.44%.  State Bank of India’s CD rate is also unchanged from the previous week.  Following this CD rate offer, there is a four way toe for the third highest five year CD rate.  Acacia Federal Savings Bank, Atlantic Coast Bank, Discover Bank and One West Bank all market five year certificates of deposit with interest rates at 3.40%. 

The three remaining banks on the list of the top ten best five year CD rates includes; Dime Direct, E-Loan and First Internet Bank.  Dime Direct has a five year CD rate of 3.35%.  E-Loan offers a five year at 3.31%.  First Internet Bank’s five year CD rate earns a rate of 3.30%.

Week over week changes on the list were almost inconsequential.  Out of the top ten bank rates on the previous week’s list only one bank reduced their rate moving the number 11 position bank rate into the tenth spot.  Ally Bank was the only rate change for the week; the bank dropped their five year CD rate offer from 3.35% in the earlier week to 3.20% this week making this rate below the cutoff for the ten highest five year CD rates and pushing First Internet Bank on to the list.

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