CD rate cuts on the nation’s best CD rates seem to be coming to an end and perhaps the bottom of the market has finally been reached.  In the most recent survey of bank CD rates performed by on April 27, CD interest rates displayed a slight uptick in the average rate for all CD maturities.  The CD rate index ended the week higher by 1/1000th of a percent putting the average rate at 1.053 percent from an average rate of 1.052 percent in the previous survey.

Even though the interest rate increase was quite small, this week’s rate change along with the prior weekly interest rate variations has kept the range on the best CD rates available nationally about as narrow as they come.  This is not to say that bank CD rates are due to reverse direction and start a prolonged rise.  Unfortunately, low interest rates have been bogged down by slower than expected job growth and low inflation and these factors show no sign of reversing direction as yet.

The weekly CD rate survey showed no change in the average rate offered on the short end of the CD yield curve as well as the very long end of the curve.  The top ten highest three month CD rates, six month CD rates, one year CD rates and five year CD rates showed no change on the week.  Rate changes for the week occurred only in the midterm CD range, the two year maturities. 

The average rate for the top three month bank CDs held at 0.494 percent, the average rate for the six month CDs remained at 0.770 percent and the average interest rate marketed on the top ten best one year certificates was unchanged at 1.060 percent.

The highest three month CD rate is the product of E-Loan Bank.  E-Loan has remained extremely competitive on the short, three month term CDs for all of the second quarter.  This week the E-Loan CD rate is 0.65 percent, a full 14 basis points higher than the next best rate.  One basis point is equal to 1/100th of a percent.

The best six month CD rate comes from AloStar Bank of Commerce.  The AloStar Bank of Commerce CD rate for a six month maturity is 0.85 percent.  AloStar Bank of Commerce also holds the spot for the second highest one year rate at 1.10 percent.  The rate on their CD falls just below the one year CD of Doral Bank Direct which promotes the 12 month certificate with a yield at 1.15 percent, the highest one year CD rate available.

Yields on certificates of deposit with two year maturities increased by 7/1000ths of a percent on the week.  The average two year CD yield moved up to 1.162 percent from 1.155 percent in the previous week.  The best two year CD rate available nationally is at 1.20 percent and can be found at three separate banks.  EH National Bank, CNBBankDirect and CIT Bank offer two year CDs with yields of 1.20 percent.

Deposit yields on the five year bank CDs were left unaltered at 1.779 percent.  State Bank of India continues to offer the highest five year CD rate at 1.91 percent.  Running six basis points behind this rate is the CD at Seacoast Commerce Bank which comes with an interest rate of 1.85 percent.   The third highest five year CD rate available for the week ending April 27, 2012 comes from The National Republic Bank Chicago which offers the long term CD at 1.81 percent.

To find more information on the highest CD rates by maturity for the April 27, 2012 CD rate survey please see the following CD rate tables at three month CD ratessix month CD ratesone year CD rates, two year CD rates and five year CD rates.

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