The average rate on six month bank CDs was unchanged for the week ending April 23, 2010 based on the SelectCDrates.com most recent survey of bank rates. This week, the average six month CD yield from the top ten best six month bank CDs available nationally held firm at 1.24%.
The best six month CD rate was also untouched on the week. The highest six month CD rate continues to come from Aurora Bank with an interest rate of 1.28%. The second highest six month rate available nationally falls just one basis point or 1/100 of a percent behind the highest rate and can be found at two banks. Both Shore Bank and Nexity Bank offer six month CDs that earn a rate of 1.28%. Shore Bank has 15 bank branches in three states and also accepts CD accounts online. Nexity Bank is based in Alabama and provides the majority of its services as an online bank though deposits are also accepted at the banks one location in Birmingham.
Another one basis point below the second highest rate is the CD of State Bank of India. State Bank of India offers a six month certificate that has a yield of 1.26%. State Bank of India is a U.S branch of a foreign institution and the deposits have the full protection provided by FDIC coverage. State Bank of India has two bank branches, one in Illinois and one in New York and offers the bank CD accounts nationwide.
The next best national CD rate is an additional one basis point lower and is available at another two banks. Both, AmTrustDirect and Discover Bank, market their six month term deposits at 1.25% or the fourth highest bank rates in this term. The final four banks on the list of the top ten best six month CDs all offer the same yield. These four banks, One West Bank, Excel National Bank, FirstFedDirect and La Jolla Bank have six month CD interest rates at 1.20% to conclude the list.
We apologize for some duplication in our data. One West Bank, La Jolla Bank and FirstFedDirect are all now under the ownership of One West Bank. Until recently, the rates offered by these institutions were similar but not identical. At this time, the short term interest rates of all three banks are equivalent.
While the average rate was unchanged, week over week changes from the previous week’s list of the top ten bank rates with a six month term actually involved four banks. Excel Bank reduced their rates on the week, Ally Bank also reduced their rates and NewDominion Bank as well Goldwater Bank failed to make this week’s cut off point even though the bank maintained the rates offered from the previous week. The three new banks on the list are the One West Bank group of One West Bank, FirstFedDirect and La Jolla Bank.
Tags: Aurora Bank, bank CDs, bank rates, Banks, best six month CD rates, CD interest rates, Nexity Bank, rates, Shore Bank, six month CD rates
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