The average of the best six month certificate of deposit rates dropped modestly for the week ending November 27, 2009.  The average rate of the top ten bank rates with a six month maturity came in at 1.53%, down two basis points or 2/100 of a percent for the week.  In the prior week, the average yield stood at 1.55%.

The highest six month bank CD rate available nationally was unchanged for the week.  The best six month CD interest rate continues to have a yield of 1.60%.  The top rate is available at FirstFedDirect as well as at The Palladian Private Bank.  Both of these banks offered the same yield in the previous week at which time they were also joined by UFB Direct which has since lowered the rate on their six month term CD to 1.55%. 

With that rate reduction, UFB Direct now offers the next best six month rate available.  Following their bank rate promotion by three basis points is the six month term CD marketed by Pacific Mercantile Bank with an interest rate of 1.52% which is now the third highest six month CD rate available nationally.  Just one basis point lower from this point, three banks compete for the status of having the fourth highest bank CD rate.

Ascencia Bank, State Bank of India and Virtual Bank all offer six month CD rates at 1.51%.  The list of the top ten bank CD rates with a six month term comes to a quick close with the certificates available at NewDominion Bank, La Jolla Bank and Colorado Federal Savings Bank in which all three financial institutions offer six month certificate of deposit rates at 1.50%.

As stated, the top six month bank rate was unchanged for the week however; of the ten banks from last week’s list four of those banks reduced their interest rates on six month CDs.  Two of the banks reduced their rates of a sufficient magnitude to be removed from the top ten best rates altogether.  Metlife Bank and Giant Bank are not continuing on from the previous week and were replaced by Colorado Federal Savings Bank and La Jolla Bank.

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