CD interest rates moved lower yet again. For CD investors, fortunately, the news wasn’t all bad.  While Treasury rates and mortgage rates have dropped precipitously over the past two weeks, the best CD interest rates available nationally have dropped only modestly.

The average rate for the top ten best CD rates across all maturities measured in the weekly CD interest rate survey dipped down by little more than two basis points or 2/100’s of a percent.  The composite CD rate index ended the week on August 12th at 1.294 percent.  The CD rates index for the prior week stood at 1.315 percent.

The best three month CD rates actually ended the week with a very, very small gain.  The average three month CD rate for the top ten highest three month bank CDs came in at 0.603 percent or just above the prior week’s average rate of 0.602 percent.  AloStar Bank promotes the top three month CD with a rate of 0.81 percent. Hudson City Savings Bank’s 3 month CD and Virtual Bank’s three month CD rate offer the next best rates, a good six basis points lower, at 0.75 percent.

The highest six month CD rates took a fairly large step down this week.  The average rate on the top ten highest six month CD rate closed out at 0.954 percent or over four basis points lower than last week’s average CD rate of 0.995 percent.  The best six month CD rate comes from AloStar Bank which offers a six month CD rate of 1.05 percent.  Aurora Bank is immediately behinds AloStar with a six month CD rate at 1.04 percent.

One year CD rates slipped down by exactly one basis point.  The average rate for the top one year CDs ended the week at 1.198 percent after holding last week at 1.208 percent.  AloStar Bank continues to dominate the short term CD rates and promotes the best one year CD at 1.27 percent.  E-Loan is one basis point lower with a one year CD rate of 1.26 percent.

Two year CD rates were lower by almost 1 ½ basis points from the previous week.  The average two year CD rate this week moved down to 1.403 percent from 1.417 percent in the week earlier.  CNBBank Direct continues to offer the highest two year CD rate at 1.50 percent.  The CNBBank Direct two year CD does have one condition, the CD account ahs to be funded with money from a CNBBank Direct savings account.  Fortunately, the CNBBank Direct savings account rate is 1.05 percent and requires a minimum balance of just $1.00.

Five year CD rates were hit the hardest for the third consecutive week.  The average rate for the top ten best five year CDs fell by over four basis points week over week.  The average five year CD rate tumbled to 2.310 percent from 2.354 percent in the prior week.  The highest five year CD rate comes from the old Chicago based, ShoreBank which was taken over by the FDIC and has been renamed Urban Partnership Bank.  Urban Partnership Bank has five year CD rate at 2.42 percent to lead this maturity.  First Internet Bank follows close behind with a five year CD rate at 2.40 percent.

To find the best CD rates by maturity please see the best 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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