Five year certificate of deposit rates got hammered in the most recent weekly survey of bank rate activity performed by Selectcdrates.com.  The average interest rate for the top ten highest five year CD rates lost six basis points or 6/100 of a percent on the week.  The average rate ended the week dipping down to 3.22%, a measurable drop from the prior week’s average yield of 3.28%.

The highest five year CD rate available nationally lost 17 basis points.  The best five year CD rate comes from Acacia Federal Savings Bank with an interest rate of 3.30%, down from the previous week’s high rate of 3.47%.  The second highest rate was last week’s term leader.  EverBank reduced their five year CD rate substantially to fall into second place at 3.29%, this rate is shared by State Bank of India which also promotes a five year certificate at 3.29%.

Following these two financial institutions, three banks share the number three spot with five year CD rates at 3.25%.  Dime Direct, iGOBanking and Atlantic Coast Bank all have five year CDs with an interest rate of 3.25%.  National Bank of Kansas City has a five year CD rate three basis points lower at 3.22%.

The remaining three banks on the list of the top ten highest five year CD rates offer rates at 3.10%.  The remaining banks are Ally Bank, Stonebridge Bank and Discover Bank.

Four banks out of ten reduced their rates in the last seven days.  Three banks dropped off the list due to the rate reductions.  The three new banks joining this week were, Discover Bank, Ally Bank and Stonebridge Bank.

To view all of the bank rates with a five year term, visit the national bank CD rates tables at Selectcdrates.com.  To compare the best CD rates overall, view all rate tables for the most common bank CD maturities including, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates.

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