CD interest rates continued to slide further in 2010.  The average interest rate on bank CDs available nationally was down slightly on all maturities for the week ending February 12, 2010.  The rate activity among the best bank rates, however,was comparatively modest in light of the across the board drop in the average rates.

The bank rate survey evaluates the highest CD rates on six month, one year, two year and five year term bank CDs that are available nationally and posts the results for the top ten highest CD rates as well as the average for those rates.

The average yield for six month CDs was lower by one basis point or 1/100 of a percent for the week.  The average six month CD rate closed the week at 1.34% down from the prior week’s average of 1.35%.  The highest six month rate did remain constant with a yield of 1.40%.

The average yield on the one year CDs were also lower by one basis point.  The average rate on the best one year CDs is now at 1.74%, off from last week’s average of 1.75%.  The highest one year CD rate also managed to hold it’s position at 1.90%.

Two year CD rates were impacted slightly more with a move to the downside of two basis points.  The average for the top ten best two year CD rates fell to 2.14% for the week, the previous week’s average rate was 2.16%.  The top rate held its ground with a yield of 2.30%.

The best five year CD rates available nationally followed the shorter terms and dropped by just one basis point on the week.  The average of the five year CDs moved down to 3.29% from the preceding week’s average interest rate of 3.30%.  The highest five year CD rate maintained the trend of the week and held firm with the top five year rate coming in at 3.55%.

While the rate activities were mild for the national bank rates, state bank rates have been experiencing significantly more volatility.  Fortunately, some of the motion in bank CD rates within regions has been to the upside.  For instance, while the top one year national CD rate is 1.90%, the best one year in Arizona can be found at 2.25%.  Similar opportunities exist in other states as well.

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