The average of the top ten best one year bank CD rates dropped modestly for the week ending November 6, 2009.  The average interest rate for the best one year term bank certificates of deposit available nationally was down by two basis points or 2/100 of a percent which brought the yield down from 2.04% to 2.02%.

The highest one year CD rate was down substantially more than the average.  The highest one year CD rate dropped from a rate of 2.20% in the previous week to a yield of 2.10% this week.  The highest yielding CD continues to be promoted by UmbrellaBank.com albeit, at the current lower yield and is also matched in yield this week with one year CD of Amboy Bank through their Amboy Direct division.

Following the two term leaders is the one year CD of Bank of Internet with an interest rate of 2.02%.  Flagstar Bank and Pacific Mercantile Bank are close behind with one year CD rates at 2.01%.  The remainder of the list for the top ten bank rates with a one year term is all have current yields of 2.00%.  Acacia Federal Savings Bank, Ascencia, NewDominion Bank, Colorado Federal Savings Bank as well as MetLife Bank all offer one year CD interest rates at 2.00%. 

The list of the top ten one year CD rates saw a fair amount of shuffling around for the week.  Four banks reduced the interest rates offered on their one year term CDs.  Three bank reductions were severe enough to move the bank off the list for the week while the other rate reductions simply pushed the bank’s position down in order.  Due to three bank eliminations, three banks joined the top ten this week including; Acacia Federal Savings Bank, MetLife Bank and Colorado Federal Savings Bank.

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