Certificate of deposit rates in New Jersey experienced minor gains for the week of May 22, 2009.  Even with the modest gains only the six month term CD is surpassing the best national rates for the week.  The best one year CD rates gained with the introduction of a promotional 17 month CD from Metuchen Savings Bank that has an interest rate of 2.66%.  The next best CD rate falls ten basis points or 10/100 of a percent back with a 16 month CD promoted by Mutual Bank that yields 2.56%.  The six month CD rates were mostly unchanged with the average rate dropping modestly.  The highest six month CD rate remains at The Bank of Princeton with their seven month CD that earns an interest rate of 2.25.  RomAsia Bank reduces their six month CD bringing down the average for the top bank CDs in this term category.  The best two year CD rates were unaltered with First State Bank continuing to lead the group of banks with a CD rate of 2.80%.  The highest five year CD rate was also unchanged but there was added depth top the list of the best bank rates for this term.  The best five year CD rate is marketed by The Bank of Princeton at 3.55% while the lowest five year CD rate listed is now only five basis points lower at 3.50%.

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