Global economic headlines and oil prices are having little impact on CD rates going into the New Year.  Historically, bank rates follow the direction of the economy.  Stronger economic numbers lead to higher bank rates while weak numbers lead to lower rates.  This past week was light on data but the trend in December showed robust economic output.  Unfortunately, bank CD rates climbed by only a hair’s breadth.  

Big data numbers in December included a much larger revision to GDP growth, strong monthly employment numbers along with declining unemployment claims, and stronger expanding retail sales.  Last week’s certificate of deposit rates, as measured by the weekly CD rate survey, did not reflect the strength in the economy.  During the past week, the best CD rates on terms from three months to five years increased by mere fractions.

The CD rates index, which measures the top ten best CD rates with terms of three months to five years, increased to 1.171 percent from 1.169 percent in the preceding week.  The only category to show an increase on the week was the long term, five year certificates of deposit.

Thanks to rate increase at EverBank, five year bank CD accounts experienced a mild rate increase for the week.  The average rate on the highest five year CDs increased to 2.211 percent from 2.208 percent in the prior week.  That Florida based bank that dominates the two and one year certificates also dominates the five year maturities.  Citizens State Bank remains on top of the leader board with a five year CD rate of 2.35 percent.

The top ten best three month CD rates remained unchanged on the week with the average yield for these short term certificates holding at 0.406 percent. continues to be the top performing in the short account category with a three month CD that has a rate of 0.51 percent.

Six month certificates were held in check going into the close of 2014 with an average interest rate of 0.749 percent.  Bank5 Connect has the highest six month CD rate at 0.85 percent.

The popular one year maturities had an average interest rate of 1.141 percent in the most recent survey of bank CD rates conducted by  The top one year CD account comes from Citizens State Bank’s online banking portal,  CSBDirect offers a chart topping one year CD with an interest rate of 1.25 percent.

The average rate on the best two year bank CDs was unaltered on the week with an average yield of 1.34 percent.  Citizens State Bank holds the lead with a two year maturing CD that has a 1.55 percent rate of return.

The top performing banks in the weekly survey offer a variety of terms and yields that can appeal to wide range of savings and investing needs.  Although the yields remain low historically, with economic uncertainty continuing to hang over the market, a certificate of deposit can offer some of the best financial security and interest rates on the market.

It remains imperative that consumers shop around and compare bank CDs before choosing the account that best fits their needs.  Use the bank CD rates table to determine the best option on the market today.

A list of the best CD rates available across the nation for the week of December 29, 2014 is available at the following tables: three month CD ratessix month CD ratesnine month CD rates, one year CD rates, two year CD rates, three year CD rates, four year CD rates and five year CD rates.

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