The best one year CD rates available nationally experienced an increase in the average yield for the week ending October 29, 2009.  The average of the top ten highest one year CD rates increased by two basis points or 2/100 of a percent for week raising the yield to 2.04%.

The best one year CD rate this week comes from UmbrellaBank.com which offers a one year CD at 2.20%.  UmbrellaBank.com’s one year certificate rate is a surprising 10 basis points above the next best bank rate with a one year term. 

UmbrellaBank.com displaced last week’s market leader, Amboy Direct.  Amboy Directs one year CD rate remained unchanged at 2.10% to hold the second best one year CD rate available.  Following their CD product is Bank of Internet and State Bank of India which offer one year CD rates of 2.02%.  Two more banks, FlagStar Bank and Pacific Mercantile Bank promote one year CD rates at 2.01% placing these bank rates as the fourth highest available.

The top ten best one year CD rates concludes with four banks listed that have interest rates at 2.00%.  There are more banks in the database that offer one year CD rates at 2.00% however only four make the list to round out ten banks.  The four banks listed are; Ascencia, Discover Bank, Aurora Bank and NewDominion Bank.  These banks are listed in no specific order.

Of the top ten bank rates listed in the previous week, one bank raised their rates, two banks lowered their rates and the remaining bank CD rates were unchanged.  The biggest change being the rate increase by UmbrellaBank.com which was a change of 14 basis points driving the interest rate up from 2.06% in the previous week to 2.20% this week.

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