The average for the best six month certificate of deposit rates available nationally dropped rather markedly this week.  The average of the top ten six month CD rates fell by four basis points or 4/100 of a percent for the week ending June 12, 2009.  This drop follows a similar reduction in the prior week.

The rate decline coming from the banks that had been offering the highest yields was most evident.  The highest overall bank CD rate remained unchanged for the week; however the top five banks collectively reduced their rates by 45 basis points for the week.  A rather obscure figure but it exemplifies the volatility in the best bank rates that has not been seen so far this year.

The highest rate continues to be offered by Wilshire State Bank at 2.52%.  The next best six month CD rate makes a sizeable step down, plummeting 49 basis points.  Ascencia follows the top rate with a six month certificate that yields 2.03%.  Four banks on the top ten list trail Ascencia with six month CD rates at 2.00%.  AmtrustDirect, Corus Bank, Excel National Bank and La Jolla Bank all offer rates at 2.00%.  The lowest rate on the list comes from Giant Bank at 1.91%.  The spread between the highest six month CD rate and the lowest is now a sizeable 61 basis points.

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