The best one year certificate of deposit rates headed down for the week ending May 22, 2009.  The highest CD rates remained unchanged while the average for the top ten one year CD rates dropped by five basis points or 5/100 of a percent.  For the week, the average of the best one year CD rates stood at 2.52% down from 2.57% the previous week.  The top CD rate in the one year term category remains a product of Ally Bank, formerly known as GMAC Bank, with a one year CD rate of 2.80%.  The second best CD rate available nationally is offered by Corus Bank.  Corus Bank stays in second position; however the bank has increased the interest rate on their one year CD by one basis point from the prior week to 2.71%.  UFB Direct caps off the top three financial institutions offering the best with a one year CD rates with a one year CD that has an interest rate of 2.65%, unchanged from last week.  The remaining bank rates on the top ten list moved appreciably from here, with more banks reducing their CD rates and two banks dropping off the list altogether.  The increased action with the national bank CDs was also present in many of the state lists.  The trend of higher CD rates in local and regional banks continues but the spread between the national rates and the state rates is narrowing.  National bank CD rates are a good starting point for searching for the best CD rates but the local rates are often as good if not better than  many of the national bank rates.

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