The average of the best five year CD rates moved against the tide of the shorter term rates by ending the week on an up note.  The top CD rate increased for the week as did the average of the top bank rates with a five year term.  The average rate stood at 3.53% an increase of three basis points or 3/100 of a percent for the week ending May 8, 2009.  The best five year CD rate is now being offered by Discover Bank with an interest rate of 3.70%.  The top rate last week stood at 3.66% and was a CD product of Intervest National Bank.  That rate has now fallen to second position and is still offered by Intervest National Bank.  UFB Direct scoots down to third place with a five year CD rate of 3.65%.  Popping into fourth place is Tennessee Commerce Bank that offers a five year CD with an interest rate of 3.60%.  Five basis points behind this rate is the five year CD of State Bank of India with a certificate that earns a rate of 3.55%.  Goldwater Bank based in Scottsdale, Arizona follows with a five year CD rate of 3.51%.  GMAC Bank an iGOBanking share the next spot with five year CD rates that stand at 3.50%.  AIG Bank is up next with a rate of 3.31% and Advanta Bank brings up the rear of the list with a five year CD that earns a rate of 3.30%.

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