The rates offered on two year certificates of deposit moved almost imperceptibly for the week ending May 22, 2009.  The average CD rate for the best two year certificates available nationally remained unchanged at 2.75%.  The highest two year CD is once again presented by Ally Bank, the recently renamed GMAC Bank, with an interest rate of 2.90%.  The second best CD rate is also unchanged at 2.85% and is offered by Tennessee Commerce Bank.  Falling just behind these rates are the CDs of UFB Direct and UmbrellaBank.com with rates of 2.80%.  The list of the top ten best two year CD rate changes occurred almost entirely in name only.  Even the lowest CD rate on the list at 2.60% from ebank is unchanged from the prior week.  Discover Bank reduced their two year CD rate ten basis pints to 2.65% while AIG Bank increased their CD rate five basis points to 2.66%.  The national two year bank CD rates have been remarkably steady for several weeks while the other common CD terms have moved more significantly.  State CD rates have gyrated measurably more than the national rates including the two year CDs.  The opportunities to obtain higher interest rates on bank CDs with the state and regional banks remains but can be dependent on the state or region.

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