The average of the best CD rates in Florida fell for the week ending September 18, 2009.  All bank CD terms experienced a drop in average yield with the exception of the six month CD rates which were unchanged for the week.

The average of the best six month CD rates in Florida held firm at 2.05%.  The best six month CD rate in Florida can be found at two Florida banks, First Federal Bank of North Florida and Gulf Coast Community Bank.  First Federal Bank of North Florida offers a 2.15% rate on a seven month term while Gulf Coast promotes that same interest rate on a six month term.

The best one year CD rates in Florida did not fare as well as the shorter six month term and dropped four basis points or 4/100 of a percent on the average yield for the week.  The average of the best one year CD rates now stands at 2.36%.  As of Friday, First National Bank of Crestview was the term leader with a one year CD rate at 2.50%.  Southern Commerce Banks has a 15 month CD with an interest rate that is not far behind at 2.40%.

Two year CD rates in Florida were also down for the week.  The best two year CD rates in Florida fell by four basis points as well bringing the average yield down to 2.58% from last week’s average of 2.62%.  IBERIA BANK leads in the two year term with an interest rate set at 2.70%.  Beach Community Bank is the runner up with an odd term CD with a 25 month maturity that as an interest rate of 2.65%. 

The average of the best five year CD rates in Florida absorbed the greatest loss in yield.  The average five year CD rate was pushed down to 3.48% from the prior week’s 3.54% average interest rate.  The highest five year CD rate once again comes from Fidelity Bank of Florida.  Fidelity Bank of Florida offers a five year CD rate at 3.75%.  The next best five year can be found at Florida Traditions Bank which offers a five year CD rate of 3.51%.

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