Bank CD interest rates moved slightly higher at the end of the holiday shortened, first week of July.  Long term rates led the move to the upside with shorter term CDs holding stable over the week.  The rise in CD rates was instigated by the robust monthly jobs report released on Friday, July 5th which took the markets by surprise.  Immediately after the jobs report release, long term rates jumped higher with midterm rates advancing moderately and short term rates holding steady.

Based on the most recent survey of the top bank CD rates available nationally, the best CD rates on the market closed 4/1000ths of a percent higher than the previous week.  The SelectCDrates.com CD rate index closed the week at 0.964 percent for the week ending July 5, 2013 from 0.960 percent in the previous week.  The CD rate index measures the top ten highest bank CD rates available nationally for three month term CDs, six month CDs, one year CDs, two year CDs and five year term CDs.

Five year maturities showed the largest rate increase for the first week of July.  The average rate on the top ten highest five year term CDs was boosted by just shy of one basis point, one basis point is equal to 1/100th of a percent.  The average rate found on the top ten best five year CDs moved up to 1.593 percent from 1.584 percent in the week before.  EverBank is currently offering the highest five year certificate with a yield of 1.67 percent.

Two year CD rates were elevated by 5/1000ths of a percent for the week.  The best two year CDs had an average rate of 1.125 percent which compares to 1.120 percent in the prior week.  SalemFiveDirect has the top two year certificate on the market.  The SalemFiveDirect two year CD has interest rate of 1.25 percent.

The highest one year CD rates on the market were ratcheted up by 6/100oths of a percent during the four business days of the week.  The average yield on the top ten one year bank CDs was increased to 0.980 percent from 0.974 percent in the week earlier.  The GE Capital Bank one year CD leads this term category with a certificate rate of 1.05 percent.

The top six month CD rates and three month CD rates showed no rate change week over week.  The average rate on the ten best three month CDs held at 0.418 percent while the rate on the best six month maturities was stuck at 0.703 percent.  UmbrellaBank.com holds the top spot for the three month CD with a rate of 0.51 percent and DoralDirect retains the top spot for the six month certificate with an interest rate of 0.88 percent.

Additional results from the most recent bank CD rate survey conducted for the week ending July 5, 2013 can be found at the following rate tables: nine month CD rates, three year CD rates, and four year CD rates.

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