Six Month CD Rates January 25, 2010

Bad economic news continues to push short term certificate of deposit yields lower.  The average of the top ten best six month CD rates available nationally fell by three basis points or 3/100 of a percent for the week ending January 22, 2010.  Unfortunately for fixed income investors in bank CDs, short term bank CD rates have fallen every week to start this year.

The highest six month CD rate available nationally has fallen significantly in the past week.  The best six month CD rate now stands at 1.45%, down from the prior week’s best arte of 1.51%.  The highest six month certificate can now be found at UFB Direct with a minimum deposit of $8,000.00.

Following the top bank rate in this term category at 1.51% is the six month CD of State Bank of India.  The New York bank offers a six month certificate that has an interest rate of 1.41%.  The third highest bank rate comes from three banks including last week’s market leader, Ascencia Bank.  Ascencia decreased their rate on their six month time deposit to bring the yield down to 1.40% for the current period; this rate is also matched by The Palladian Private Bank and AmTrustDirect which is now a division of New York Community Bank. 

Three basis points behind this trio of banks holding the third highest rate is the six month CD promoted by NewDominion Bank.  NewDominion markets their six month CD at 1.37%.  One basis point lower is the six month certificate of Giant Bank at 1.35%. 

Two banks hold eighth and ninth place on the list with six month CD interest rates offered at 1.35%.  Aurora Bank and La Jolla Bank both have CDs that yield 1.35%.  The tenth and final bank on the list for the top ten best six month CD rates is Nexity Bank which has a six month CD earning a 1.34% interest rate.

Week over week rate changes between the banks on the list was relatively dynamic but the bank names that comprise the list were unaltered.  All ten banks listed with the best six month CD rates last week returned on this week’s list albeit, in a slightly different order.  Five of the banks lowered their six month CD rates week to week and there were no rate increases for the week.

Tags: bank, bank CD rates, bank CDs, bank rate, best six month CD rate, CD interest rates, CD rates, certificate of deposit, interest rate, New York Community Bank, rates, six month CD rate, The Palladian Private Bank

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