Bank CD rates were moderately lower for the week for the week ending October 29, 2009.  The short term CD interest rates had the largest rate movement, unfortunately to the downside.  Mid term CD rates were modestly higher and the long term, five year CD rates were down just slightly.

Six month CD rates that are available nationally dropped by two basis points or 2/100 of a percent to the end the week.  The average yield of the top ten best six month CD rates closed at 1.57%, down form the prior week’ average of 1.59%.  The highest six month CD rate remained unchanged with a rate of 1.76%.  The 1.76% six month bank CD is available at Ascencia, a division of PBI Bank and a recurring top ten bank rate leader.

The average of the best one year CD rates available nationally moved higher for the week by the equal amount of the six month CD rate reduction.  The average one year CD rate was elevated by two basis points pushing the average yield up from 2.02% last week to 2.04% to end this week.  The highest one year CD rate jumped measurably from 2.10% to 2.20%.  The bank rate leader in the two year maturity comes from UmbrellaBank.com.

The best two year CD rate average remained unchanged for the week.  The average of the top ten best two year CD rates held at 2.31%.  The highest two year CD rate available also remained unchanged with an interest rate of 2.40%.  Atlantic Coast Bank of Georgia has continued to offer this interest rate to lead the national bank CD rates with a two year maturity. 

Five year CD rates were lower for the week by the slimmest of margins.  The average of the best five year CD rates was down by just one basis point moving the average yield from 3.41% in the previous week to 3.40% this week.  The highest five year CD rate is available at both FlagStar Bank and iGOBanking.  Both banks offer FDIC insure five year CDs with interest rates of 3.50%.  These banks were also the market leaders for the five year term certificates in the prior week as well.

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