Six month bank CD interest rates were down again this week, continuing a downtrend that has seen no abatement in 2010.  The average 6 month CD rate based on the survey of the top ten best six month CD rates available nationally fell by three basis points or 3/100 of a percent on the week.  The average rate for the top ten highest six month CD rates is now at 1.29% from 1.32% in the previous week.

The best six month CD rate was lower in yield by slightly more than the average, falling four basis points on the week.  The best six month CD rate comes from Sate Bank of India with an interest rate of 1.36%, down from the previous week’s top rate of 1.40%. 

Of the ten bank rates with a six month term on the previous week’s list, seven banks reduced their interest rates.  Two banks failed to return, UFB Direct is operated by Waterfield Bank and was taken over by the FDIC which is in the process of dismantling the bank since no bank was willing to take over its operations and Ascencia Bank which reduced their rates below this week’s cut off to make the top ten.

Two new banks on this week list that replaced the two banks that did not return are Shore Bank and Stone Bridge Bank.  These banks offer the fifth and tenth highest six month CD rates at 1.30% and 1.20%, respectively.

The other eight banks offering the highest six month CD rates and the rate they offer include:
State Bank of India at 1.36%, Aurora Bank with a rate of 1.31%, NewDominion Bank which offers a six month CD rate at 1.31%, Nexity Bank six month CD rate of 1.30%, Excel National Bank which promotes their certificate  at 1.30%, The Palladian Private Bank also with a 1.30% 6 month CD, AmTrust Direct and Presidential Bank Online which both market 6 month CD rates of 1.25%.

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