The average of the best five year CD rates dropped measurably for the week ending November 6, 2009.  The average yield of the top ten best five year CD rates available nationally closed the week at 3.34%.  During the previous week the average rate was six basis points or 6/100 of a percent higher than this week with a yield of 3.40%.

While the average rate tumbled, the best five year CD rate available actually held firm at 3.50%.  Two banks, Flagstar Bank and Acacia Federal Savings Bank, promote five year CDs with interest rates at 3.50%.

The second best rate trails the top rate by 11 basis points.  State Bank of India in New York offers the next best rate with a five year CD that yields 3.39%.  The third highest rate is another four basis points back where two banks market their five year term certificates with a rate of 3.35%.  A five year CD rate of 3.35% can be found at both Discover Bank as well as Dime Direct.

First Internet Bank and Intervest National Bank follow these banks with five year CD interest rates at 3.30% and 3.27%, respectively.  The top ten best five year CD rates comes to a close with the lowest interest rate of 3.25%.  This CD rate is available at three different banks, American Express Bank, One West Bank and La Jolla Bank all offer the five year bank CD at 3.25%.

The list of the top ten bank rates for the five year certificate shuffled around noticeably from the previous week.  Six banks reduced their rates five year term CDs from the preceding week, with three of those banks reducing their rates sufficiently large enough to move off the list altogether.  Only one bank increased their rate on the five year this week, Acacia Federal increased their rate from 3.40% to 3.50% to share the top spot.

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