It seems hard to believe that bank certificate of deposit rates could slide much lower, but the past week was in fact another down week for most all CD maturities.  The results of the weekly bank rate survey indicated that CD rates were lower across all terms with the exception of the long term, five year CDs.

The average rate for the top ten best six month CD rates was lower by two basis points or 2/100 of a percent on the week.  The average yield for the top six month certificates available nationally is now at 1.32%, down from the previous week’s average of 1.34%.  The highest six month rate was unaltered at 1.40%.

The best one year CD rates fell by just one basis point for the week.  The average rate on the top ten best one year CD rates available nationally moved down to 1.73% from the prior week’s average of 1.74%.  The highest one year CD rate was also unaffected with a yield of 1.90%.

The average interest rate on two year bank CDs dipped by two basis points by the close of the week.  The average rate on the top ten best two year CD rates dropped to 2.12%, off from the preceding week’s average interest rate of 2.14%.  Following the other maturities, the top rate held steady, the best two year rate holding at 2.30%.

Five year CD interest rates fought the down trend and managed to squeak out a small gain for the week.  The average rate on the best five year CDs was higher by one basis point on the week, bringing the average yield up to 3.30% from last week’s average of 3.29%.  The highest five year CD rate available nationally was unchanged with an interest rate of 3.55%. 

The five year rate was not only slightly higher for nationally available bank CD rates but was also more active with a slant towards increasing yields in most regional markets as well.  Short and midterm rates were mixed in the regional markets with some markets such as Georgia and California getting tighter with lower rates and other markets displaying normal bank competitive pressures resulting in pockets of above average CD rates.  CD investors should always watch the national markets and then check local bank rates for the best opportunities.  The tables of national bank CD rates and state specific CD rates make the selection process quick and easy.

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Bank Certificate of Deposit Rates February 22, 2010 « Bank CD said,
in February 24th, 2010 at 7:21 am

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