Maryland CD rates dropped, almost across the board, for the week ending June 12, 2008. The five year CD rates in Maryland managed to hold their ground and were unchanged for the week at an average of 3.65%. The Maryland two year CD rate average fell by two basis points or 2/100 of a percent to end the week at 2.73%. The average for the top one year CD rates fell by the same amount to end at 2.45%. The six month CD rates in the Free State stayed in line and went down by two basis points from 2.17% to 2.15%.
The best six month CD rate in Maryland has a nine month term with an interest rate of 2.30%. This rate comes from Madison Square Federal Savings Bank and has a longer term but also a much higher than average rate and includes a bump up provision. The bump up rate provision permits one rate adjustment per term at the account holder’s option. The next best six month CD is the product of Urban Trust Bank with an interest rate of 2.15%. This CD rate is also available at St. Casmir’s Savings Bank as well as United Central Bank.
The leader in the one year CD category is Urban Trust Bank with a one year CD that yields 2.75%. The next best one year CD rate stands at 2.50% and comes from HarVest Bank of Maryland. Ten basis points lower are the CDs of two Maryland banks, Cecil Bank and United Central Bank that have interest rates of 2.40%.
In the two year CD rate group, the best bank rate is a product of EagleBank that offers a two year at 3.00%. Urban Trust Bank has a two year CD rate that is two basis points below the best national rate at 2.85%. The third best rate comes from two banks that offer CD rates at 2.75%. Bank of Georgetown promotes this rate on a two year CD while St. Casimir’s Savings Bank markets that rate on a 30 month term.
The best five year CD rate in Maryland is one of the best in the nation at 4.50%. Urban Trust Bank markets this five year rate and it continues to be the highest available in any state. Bank of Georgetown has the next best rate ¾% lower at 3.75%. Both, Easton Bank & Trust and National Penn Bank offer a rate of 3.50%. The highest five year CD rate list winds up with Standard Bank at 3.40% and County First Bank at 3.25%.
The best certificate of deposit rate in Maryland dropped modestly for the short term bank CDs and remained unchanged for the longer term CDs. The highest rate on a six month CD is offered by United Central Bank at 2.25%. Compared to some of the regions covered, this bank rate does not appear to be terribly appealing however this rate remains above the best national rate for a six month CD that now stands at only 2.20%. The next best six month CD rates are a full ten basis points or 10/100 of a percent lower. Both, Urban Trust Bank and St. Casimir’s Savings Bank offer six month CDs that have a rate of 2.15% to follow.
The one year CD rates in Maryland were unchanged for the highest rates but the rates taper off measurably as the list moves down. The best one year CD rate continues to be promoted by Urban Trust Bank with a one year CD that yields 2.75%. The second best one year CD rates are also unchanged with the CD of Harvest Bank of Maryland which has an interest rate of 2.60%. Eight basis points lower is a 15 month term CD from Queenstown Bank of Maryland that has an interest rate of 2.52%. United Central Bank moves up the list from the bottom rung last week with a one year CD rate of 2.50%. The remaining two banks on the list offer one year CD rates of 2.40% and 2.35% on one year terms.
The highest two year CD rate remains with the bank product of Urban Bank and Trust. Urban Bank and Trust which has a two year CD rate at 2.85%. The list of the top two year CD rates includes a three year CD from Old Line Bank. This bank CD is added since its term to maturity runs between a two year term and five year term and offers an interest rate commonly found on a longer, five year term. The current CD rate for this three year term CD is 3.50%. Queenstown Bank of Maryland offers the next best rate with a 21 month CD that earns a rate of 2.78%. Two banks, St. Casimir’s Savings Bank and Bank of Georgetown, have CD rates at 2.75%. The list concludes with the two year CD of United Central Bank that stands at 2.60%.
The five year CD rates in Maryland continue to tower above the rates available in the rest of the country. The best five year CD rate on the national level is now at 3.70% from Discover Bank. The highest CD rate available in Maryland is at 4.50% from Urban Trust Bank. The next best CD rate is also well above the national rate with Old Line Bank’s five year CD at 4.00%. Bank of Georgetown comes up next with a five year CD rate of 3.75%. Two banks, National Penn Bank and Easton Bank and Trust, offer interest rates of 3.50% and the top bank rates end with the five year CD of County First Bank that has an interest rate of 3.49%.
Maryland certificate of deposit rates remain very competitive with most CD terms matching the best national rates and in the case of the five year term, going above the best national rates by a large margin. The highest CD rate with a six month term in Maryland is shared by two banks, United Central Bank and Severn Savings Bank, with rates of 2.25%. Five basis points lower is the nine month CD of Arundel Federal Savings Bank that has an interest rate of 2.20%.
The best one year CD rate in Maryland is once again the product of Urban Trust Bank with a one year CD that yields 2.75%. A full 15 basis points lower than this rate is the one year CD of Harvest Bank of Maryland that has an interest rate of 2.60%. Queenstown Bank of Maryland jumps into third place with an odd month CD that matures in 15 months and has an interest rate of 2.52%. Three banks, Community Bank of Tri-County, Homewood Federal Savings Bank and United Central Bank wrap up this list with CD rates at 2.50%.
The best two year CD rates in Maryland are once again led by Urban Trust Bank with a rate of 2.85%. The list also includes the three year CD of Old Line Bank since the rate is measurably higher than any other bank CD in this term range. Old Line Bank offers a three year CD with a rate of 3.50%. Some of our competitors don’t have any banks in Maryland that offer CD rates above 3.00%, somehow. The next best CD rate is the product of Queenstown Bank of Maryland which offers a 21 month term CD with an interest rate of 2.78%. Bank of Georgetown and St. Casimir’s Savings Bank follow with CD rates set at 2.75%.
The best five year CD rate is Maryland making the average investor ponder moving their residence to the home of the blue crab. The highest five year CD rate in Maryland looms over all other banks with the 4.50% rate promoted by Urban Trust Bank. Well behind this rate but still an unusually high rate is the five year CD of Old Line bank that yields 4.00%. Bank of Georgetown follows with a five year CD rate of 3.75%.
The best Maryland CD rates are losing ground to the best national CD rates with the exception of the lucrative five year term CDs. This is mostly attributed to a small rise in the best national rates. The highest six month CD rate is being offered by Essex Bank, unchanged from last week, with an interest rate of 2.26%. This rate is now six basis points behind the best six month CD rate on the national list. United Central Bank, Severn Savings Bank and Maryland Bank & Trust Co are all sharing the second spot with CD rates of 2.25% for six month terms. These CD rates as well as the remainder of the six month certificate of deposit list are unchanged from the prior week.
The one year CD rates also saw little change from the prior week. Urban Trust Bank’s 2.75% rate on a one year CD is the top rate for the state. Again, national rates for the week actually rose with the highest national rate now at 2.80% or five basis points higher than then best Maryland bank rate. Harvest Bank of Maryland takes up the second spot with one year CD rate of 2.60%. Community Bank of Tri-County also offers a CD at 2.60% with a slightly longer maturity of 15 months. Homewood Federal Savings Bank and EagleBank remain in the final spots with one year CDs that have interest rates of 2.50%.
The top three highest CD rates in the two year term category were not changed from the prior week. Urban Trust Bank has two year term CD with an interest rate of 2.85%. The leader in the category is for a CD with an interest rate of 3.50% offered by Old Line Bank. Old Line Bank’s CD stretches the limit of this category since it is based on a 3 year term. Two other banks offers CD rates of 2.75% and Imperial Capital Bank closed out the list with a two year CD with a rate of 2.65%.
While the best five year CD rates on the national lists declined slightly the unusually high five year CD rates in Maryland remained unchanged. Three banks on the list exceed the national best bank rates and the top five year CD rate is well above the national rate. Urban Trust Bank’s 4.50% five year CD remains on top. This is followed by Old Line Bank’s five year CD that has an interest rate of 4.00% and Bank of Georgetown’s five year CD with a rate of 3.75%. American Bank has increased the rate offered on their five year CD to 3.60% and the list ends with the 3.50% CD rates of National Penn Bank and Easton Bank & Trust.
The best short term CD rates in Maryland inched down slightly for the week while the longer term CD rates remained mostly unchanged. In the six month CD category the highest CD rate is now being offered by Essex Bank which is headquartered in Crofton and promotes a nine month CD that has an interest rate of 2.26%. This rate is 1 basis point above the national best but down 14 basis points from last week. Three banks vie for the second position, all with six month CD rates set at 2.25%. The second spot contenders are United Central Bank, Severn Savings Bank and Maryland Bank & Trust Co. St. Casimir’s Savings Bank rounds out the list with a six month CD rate of 2.15%.
The best one year CD rate in Maryland dropped moderately for the week, the highest one year CD rate now stands at 2.75%. Urban Trust Bank is the leader with this CD rate. The bank is based in Florida but has two bank branch locations, one in Bethesda and one in Landover Hills. Community Bank of Tri-County is in the second spot with a 15 month CD that has an interest rate of 2.65%. Two banks, Homewood Federal Savings Bank and EagleBank bring up the end of the list with one year CDs that have rates of 2.50%.
The best two year CD rate remained unchanged. The CD rates offered by Old Line Bank has a longer maturity but also has a rate that surpasses the best national two year rates by more than ½ of a percent. Old Line Bank’s CD is for a three year term and earns an interest rate of 3.50%. The minimum deposit to obtain this rate is only $1,000.00. The second spot is quite a drop with the two year CD rate of Urban Trust Bank that is set at 2.85%. Queenstown Bank of Maryland has a 21 month CD with an interest rate of 2.78% comes up next. The 30 month CD of American Bank, which has three bank branches in Maryland and two bank branches in Washington DC, rounds out the list at 2.70%.
The five year CD rates in Maryland changed very little for the week but this section of the CD yield curve is a real plus for the residents of Maryland. Urban Trust Bank is still offering a five year CD with an interest well above the nationally rates at 4.50%. Second spot, held by Old Line Bank, is also measurably above the national rates at 4.00%. Bank of Georgetown has a five year at 3.75%, which is just under the best five year CD rates available nationally. The banks, National Penn Bank, Easton Bank & Trust and American Bank bring the list to an end with all offering five year CDs with yields of 3.50%.
The best 6 month CD rate in Maryland for the week ending April 17, 2009 was being offered by Cecil Bank. Cecil Bank offers a nine month CD that is grouped into the six month CD rate category and has an interest rate of 2.40%. Urban Trust Bank holds the number two position, also offering a nine month CD with a rate on their CD of 2.30%. United Central Bank, with bank branches in five different states, offers a six month CD with a rate of 2.25%.
The best CD rates in Maryland for the one year CD rate category is an 18 month CD term offered by Queenstown Bank of Maryland. Queenstown Bank of Maryland has an 18 month CD with a rate of 2.78%. Urban Trust Bank is second position with a one year CD yielding a rate of 2.75%. Citibank makes the list this week with a 2.50% one year CD.
The best two year CD rate in Maryland for the week was 3.50% offered by Old Line Bank. Queenstown Bank was in the number two spot with an odd month 21 month term CD that has an interest rate of 3.03%. Bank of Georgetown rounds out the top six with a two year CD rate of 2.75%.
For the five year category, the best CD rate is being promoted by Urban Trust Bank with a stunning rate of 4.50%. This five year CD rate is far ahead of any national CD rate offers. Old Line Bank is a rather distant second place with a five year CD rate of 4.00%. Although this CD rate is 50 basis points less than the best rate, this CD rate also eclipses all national offers. Rounding out the list for the five year CD rates in Maryland is American Bank which offers a rate of 3.50% on this term.