The best certificate of deposit rate in Maryland dropped modestly for the short term bank CDs and remained unchanged for the longer term CDs. The highest rate on a six month CD is offered by United Central Bank at 2.25%. Compared to some of the regions covered, this bank rate does not appear to be terribly appealing however this rate remains above the best national rate for a six month CD that now stands at only 2.20%. The next best six month CD rates are a full ten basis points or 10/100 of a percent lower. Both, Urban Trust Bank and St. Casimir’s Savings Bank offer six month CDs that have a rate of 2.15% to follow.
The one year CD rates in Maryland were unchanged for the highest rates but the rates taper off measurably as the list moves down. The best one year CD rate continues to be promoted by Urban Trust Bank with a one year CD that yields 2.75%. The second best one year CD rates are also unchanged with the CD of Harvest Bank of Maryland which has an interest rate of 2.60%. Eight basis points lower is a 15 month term CD from Queenstown Bank of Maryland that has an interest rate of 2.52%. United Central Bank moves up the list from the bottom rung last week with a one year CD rate of 2.50%. The remaining two banks on the list offer one year CD rates of 2.40% and 2.35% on one year terms.
The highest two year CD rate remains with the bank product of Urban Bank and Trust. Urban Bank and Trust which has a two year CD rate at 2.85%. The list of the top two year CD rates includes a three year CD from Old Line Bank. This bank CD is added since its term to maturity runs between a two year term and five year term and offers an interest rate commonly found on a longer, five year term. The current CD rate for this three year term CD is 3.50%. Queenstown Bank of Maryland offers the next best rate with a 21 month CD that earns a rate of 2.78%. Two banks, St. Casimir’s Savings Bank and Bank of Georgetown, have CD rates at 2.75%. The list concludes with the two year CD of United Central Bank that stands at 2.60%.
The five year CD rates in Maryland continue to tower above the rates available in the rest of the country. The best five year CD rate on the national level is now at 3.70% from Discover Bank. The highest CD rate available in Maryland is at 4.50% from Urban Trust Bank. The next best CD rate is also well above the national rate with Old Line Bank’s five year CD at 4.00%. Bank of Georgetown comes up next with a five year CD rate of 3.75%. Two banks, National Penn Bank and Easton Bank and Trust, offer interest rates of 3.50% and the top bank rates end with the five year CD of County First Bank that has an interest rate of 3.49%.
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