Two year CD rates continued to lose ground this past week.  The average for the best two year CD rates slipped two basis points dropping to 2.50% for the week ending June 26, 2009.  While the average rate was down only marginally, the best two year CD rate was down by 22 basis points to 2.65%. 

The best two year CD rate available nationally this week is a CD rate promoted at two banks.  Discover Bank as well as Tennessee Commerce Bank offer two year CDs with yields of 2.65%.  Two more banks compete for the second best bank rate at 2.50%.  Intervest National Bank, based in New York and La Jolla Bank, based in California offer two year CD rates at 2.50%.  E-Loan falls into third position with a two year CD rate at 2.47%.  The remaining five banks on the top ten list for two year CD rates have interest rates between 2.40% and 2.46%.

Four banks on the top ten list reduced their rates for the week while six remained steady.  None of the banks that had the highest two year CD rates in the previous week increased their rates during the week.

As this year moves on, the differences between local CD rates and the national rates is widening.  A number of local banks are dropping the rates on mid term CD rates along with the national rates but the competition within the local and regional markets continues to bring out promotional offers that are more frequently surpassing the rates on the national level.

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