The best CD interest rates available were little changed over the past week.  Based on the most recent survey of bank CD rates performed by Selectcdrates.com, the average CD rate gave up less than one basis point or 1/100th of a percent week over week.  The average CD rate on the highest three month CDs, six month CDs, one year CDs, two year CDs and five year CDs was lower by just 0.002 percent putting the average rate in the index at 1.087 percent.

Bank CD rates had very little significant news pushing rates.  The jobs report has already been digested, the concerns in Europe remain on the table and the U.S economy remains on a path of slow growth albeit, very slowly.  The big news was the potential downgrade on sovereign debt in Europe but even that action is priced into most major markets including the credit markets and bank rates.  Little news and consequently little changes in CD rates.  Of the five CD terms measured in the weekly CD rate index only the one year and two year term CDs experienced a change in the average interest rate.

The best three month CD rates were unchanged from the prior the week.  The average rate on the top ten highest three month certificates remained at 0.483 percent.  The top CD rate with a three month maturity is 0.60 percent and is available at Hudson City Bank and Virtual Bank.

Six month CD rates were in the unchanged camp.  The average rate for the top ten best six month CD rates held at 0.766 percent.  The highest six month CD rate was also unchanged at 0.85 percent.  The best six month rate comes from Virtual Bank.  The second best six month yield is at Stonebridge Bank with a CD rate of 0.80 percent.

One year rates slipped ever so slightly.  The rate coming from the best one year CD rates was down by less than one basis point, drifting lower by just 0.007 percent.  The average rate on the top ten one year CD rates went from 1.060 percent in the previous survey to the 1.053 percent in this week’s rate survey.  The highest one year CD rate was unaltered at 1.15 percent however only one bank, Doral Bank through Doral Bank Direct, offers the rate.  CIT Bank reduced their one year CD rate to 1.08 percent which is the third highest rate with Beal Bank holding the second best rate after skipping above CIT Bank, with a one year CD yielding 1.10 percent.

Two year CD rates were the other category of CD rates showing at least some change in rates this week.  The average rate on the top ten highest CD rates was cut back only marginally, just 0.004 percent.  The average yield on the best two year CDs decreased to 1.224 percent from 1.228 percent in the week earlier.  The highest two year rate did not move at 1.30 percent.  In the previous week survey, American Express and CIT Bank were offering two year CD rates at 1.30 percent, this week only American Express has 1.30 percent two year.  CIT Bank cut their rate back to 1.26 percent to hold the second best two year rate.

Five year CD rates held their ground for the week.  The average rate on the best five year CDs in this week’s survey remained at 1.908 percent.  The top rate comes from State Bank of India with a yield at 2.02 percent.  Three banks are offering long term CDs seven basis points below the term leader.  Intervest National Bank, OnBank and Tennessee Commerce Bank have rates unchanged from the prior week with an interest rate of 1.95 percent.  Not great rates but well above the interest rates found on comparable term Treasury securities.

To find more information on the best CD rates by maturity for the January 16, 2012 CD rate survey please see the following CD rate tables at Selectcdrates.com: three month CD ratessix month CD ratesone year CD rates, two year CD rates and five year CD rates.

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