CD interest rates were once again little changed over the past week.  The best CD rates available nationally descended lower by a very small magnitude for the week ending July 22, 2011.  The CD rate index slipped by less than one basis point or 1/100th of a percent by week’s end.  The CD rate index, which measures the best CD rates on the 3 month through 5 year term bank CDs, ended the week at 1.350 percent after closing at 1.355 percent in the previous week.

The average rates for the best three month CD rates were unchanged for the week.  The best six month and five year CD rates increased marginally and the one year CDs and two year CD rates were a whisker lower.

The largest change in interest rates took place in the two year term bank CDs.  The top ten highest two year CD rates lost two basis points week over week.   The best two year CD rate available this week is at 1.50 percent.  This rate is available at three different banks.  CNB Bank with its online banking division of offers a two year CD at 1.50 percent as does Bank of Internet and Hudson City Savings Bank.  MetLife Bank’s two year CD was previous rate leader.  There have been rumors that MetLife will be selling its banking division and perhaps they are reducing the amount of above average CD rate customers they are holding on their books prior to the sale of the bank.

The second largest rate reduction took place on the one year CDs which was down by just over one basis point.  MetLife Bank was the rate leader in this category in the previous week as well and has since been replaced by the Bank of Internet CD rates.  Bank of Internet promotes a one year CD with a rate at 1.33 percent to lead the banks in this maturity.  Nexity Bank’s CD rates follow with a one year CD rate at 1.27 percent.

The bank CD maturity that displayed the greatest increase in rates was the six month maturity.  The average rate for the top ten six month CDs increased by just .005 percent, not much of an increase.  The highest six month CD rate available comes from Bank of Internet with a CD rate of 1.15 percent.  Bank of Internet displaced Nexity Bank or AloStar Bank of Commerce which now falls to the second best rate position with a six month CD rate at 1.12 percent.

Five year CD rates were also higher this week but by the absolute smallest of measurements.  The average rate on the top ten highest five year CD rates increased by just .001 percent this past week.   The best five year CD rates continues to Come from Hudson City Savings Bank with  a five year CD rate of 2.50 percent.

The average rate on the three month CD rates was unchanged for the week.  The average rate on the top three month CD rates has held at 0.633 percent for a few weeks now.  While the average rate was unchanged, the highest three month CD rates increased ever so slightly.  Nexity Bank / AloStar Bank of Commerce now offers the best three month CD rate at 0.81 percent.

To compare the best CD rates nationally by maturity including the best three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates refer to the following CD interest rate tables: 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates.

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