For yet another week, CD interest rates headed lower.  The average rate on the top ten best CD rates available nationally decreased by .013 percent to a rate of 1.252 percent for the week ending September 9, 2011.  The reduction of 0.013 percent is certainly not insignificant based on the current low average rates, but the deterioration was fairly minor in light of the larger declines seen in Treasury rates and mortgage rates.

The average CD interest rate is measured weekly by the Selectcdrates.com composite CD rate index which evaluates the top ten highest CD rates for the three month term bank CDs, six month CDs, one year CDs, two year CDs and five year CDs. 

The shortest term bank CDs calculated in the weekly survey took a fairly sizeable tumble week over week.  The average rate for the best three month CD rates worsened by just under three basis points or 3/100’s of a percent.  Three month CD rates ended this week with an average rate of 0.588 percent.

AloStar Bank’s three month CD rate is currently the highest rate available with a yield at 0.76 percent.  Virtual Bank and Hudson City Savings Bank continue to market the next best rates with a three month term.  Both banks promote three month CD rates that earn 0.75 percent.

The highest six month CD rates were unscathed on average for the week.  The average rate for the top ten best six month CD rates held steady at 0.943 percent.  AloStar Bank resumed their dominant position in this term.  The AloStar Bank six month CD has a current rate of 1.05 percent.  Virtual Bank is following AloStar by four basis points with a six month CD rate of 1.01 percent.  Aurora Bank and Ascencia Bank’s six month CDs linger in the shadows of Virtual Bank with a rate one basis point down at 1.00 percent.

One year CD rates moved lower by a fraction more than one basis point, dropping by 0.012 percent.  The average interest rate for the best one year CD rates ended the week at 1.150 percent.  Last week’s rate leaders continued to hold their position.  Sallie Mae Bank’s two year CD and CNBBank Direct’s two year CD were unchanged at 1.50 percent, the best rate in this maturity.  Three banks follow with CD rates at 1.15 percent.  Discover Bank, Doral Bank and Giant Bank all have two year CDs with interest rates at 1.15 percent.

The two year CDs bucked the general rate trend and added yield this past week.  The best two year CD rates have an average rate of 1.368 percent which is 0.003 percent higher than the previous week.  CNBBank Direct has been unmovable in the top position with two year CD rate at 1.50 percent.  Flagstar Bank sits in the second best spot with a CD that yields 1.40 percent.  Aurora Bank’s two year CD was reduced by one basis point this week placing the yield at 1.39 percent, the third highest two year CD rate available nationally.

The average rate on the long term, five year CDs got off fairly easily this week.  Previous incremental rate changes in the five year term CD have been quite dramatic.  This week, the five year experienced a rate drop of just 0.019 percent.  The average CD yields on the top ten five year bank CDs ended at 2.210 percent.  The best five year CD remains the product of Urban Partnership Bank.  The Urban Partnership Bank CD has a current interest rate of 2.42 percent.  Flagstar Bank offers the second highest five year CD rate, 12 basis points behind Urban, at 2.30 percent. 

To find the best CD rates by maturity please see the CD rate tables at Selectcdrates.com labeled by term: 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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