Bank CD interest rates continued to creep lower in this week’s interest rate survey of the top banks and thrifts across the nation.  Based on the most recent survey of bank CD rates performed by, certificate of deposit rates were lower on all maturities with the exception of the two year term bank CDs, measured for the week ending April 16, 2010.

The top ten best six month CD rates available nationally fell by three basis points or 3/100 of a percent from the previous week.  The average of the best six month CD rates was pushed downward to 1.24% from last week’s average rate of 1.27%.  The highest six month certificate was down by three basis points as well and now stands at 1.28%.

The one year CD rates available nationally followed the six month rates and moved lower by three basis points.  The average rate for the top ten one year CD rates came in at 1.59% which is down from the prior week’s figure of 1.62%.  The highest one year CD rate dropped measurably, falling from 1.90% to 1.70% in the most recent week’s survey.
The best two year CD rates held steady for the week.  The average rate for the top ten best two year CD rates remained unchanged with a yield of 2.03%.  The highest two year bank certificate was also unyielding for the week, holding at an interest rate of 2.15%.

Five year bank rates available nationally matched the declines found in the six month and one year certificates and moved lower by three basis points.  The average rate on the five year CDs dropped to 3.13% from the preceding week’s level of 3.16%.  The top five year CD interest rate was unaltered at 3.30%.

Watching Treasury rates has been the cue to see if and when bank CD rates would begin a move upwards and April’s figure do not look promising.  For most of April, Treasury rates had given back the gain in yield that occurred in March.  The Friday close for the six month Treasury rate, one year Treasury rate and ten year Treasury rate were at the lows for the month.  Without a sustainable rise in Treasury rates, the likelihood of increased bank rates appears dim.

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