One Year CD Rates for the Week Ending December 11, 2009

The best one year CD rates dropped on average by two basis points or 2/100 of a percent for the week ending December 11, 2009.  The rate reduction pushed the average yield down to 1.93% from 1.95% in the earlier week.  The highest one year CD rate available nationally held steady at 2.00%.  The top bank rate with a two year term can be found at two banks, ING Direct and Colorado Federal Savings Bank. 

The second highest one year CD rate available nationally can also be found at two different banks.  UmbrellaBank.com and the Palladian Private Bank promote one year CD rates at 1.95%.  The third highest one year CD falls three basis points back at 1.92% and comes from NewDominion Bank. 

Three banks share the position of offering the fourth highest one year CD rate this week.  Ascencia, Pacific Mercantile Bank and State Bank of India market one year CDs that have interest rates of 1.91%.  One basis point lower in fifth position is the CD of Doral Bank Direct that has an interest rate of 1.90%.  The number ten bank on the list of the top ten bank rates with a one year term is Ally Bank with a one year CD interest rate of 1.85%.

The list of the top ten best bank rates with a one year term showed a fair bit of volatility for the week.  Four banks had reduced their rates for the week, UFB Direct had shared the top spot in the previous week but has since reduced the rate offered on their one year CD pushing it off the top ten list for the week and UmbrellaBank.com which also held the top spot last week reduced their rate promotion pushing their one year CD into the second best rate for the week.  The third rate reduction came form Pacific Mercantile Bank which dropped from the second highest rate offered to the third highest at the close of the week.  The fourth bank to lower their rate came from FirstFed Direct which moved from the number 10 spot to off the list for the week.

Fortunately, ING Direct increased their rates which helped to hold the average from falling terribly and moved their promotional one year CD into the top spot with the highest one year CD rate.  With the loss of two banks from the list this week, Ally Bank was able to move on to the bottom of the list with the tenth best rate.

Tags: bank, bank rate, CD interest rate, CD rates, interest rates, one year CD rates, rates

This entry was posted on Thursday, December 17th, 2009 at 6:09 pm and is filed under 1 Year CD Rate Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.