The best CD rates in New York lost ground for the week ending May 22, 2009 with the exception of the six month CD rates.  The best six month CD rate remained unchanged with Massena Savings and Loan’s six month CD that has an interest rate of 2.56%, well above the best national bank CD rates.  United Commercial Bank jumped in with the next best six month CD rate of 2.18%.  The average of the highest six month CD rates rose to 2.14% from 2.08% in the previous week.

The one year CD rates saw a dramatic reduction in the highest rate driving the average for the best one year CD rates from 2.47% to 2.37%.  The highest CD rate comes from Mutual Bank on their 16 month term CD that has an interest rate of 2.56%.  Atlas Savings and Loan is right behind with a 15 month CD that yields 2.53%.  These rates are well behind the best national rate offered by Ally Bank at 2.80%.

The average for the best two year CD rates in New York fell from 2.85% to 2.79%, however the highest two year CD rate remained unaltered.  The highest two year CD rate comes from Massena Savings and Loan with an interest rate of 3.08%.  The next best rate drops 15 basis points from the prior week to 2.89% and is a product of Atlas Savings and Loan.  Each of the next top rates dropped as well with the lowest rate in this category coming from Intervest National Bank at 2.60%.

The best five year CD rate in New York dropped as did the average of the best rates.  The average fell modestly from 3.67% to 3.62% while the top rate dropped to 3.82%.  The highest CD rate belongs to Atlas Savings and Loan.  First Republic Bank follows with a five year CD rate of 3.75% that matches the best national rate available.

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