Bank certificate of deposit rates fell moderately for the week ending March 26, 2010 upon reviewing all CD maturities measured by the survey of the best bank CD rates performed weekly by Selectcdrates.com.  The shortest term bank CDs were unchanged, midterm CDs fell by a more moderate sum and the long term CDs were lower in yield but only a fraction.

The average of the best six month CD rates available nationally was unchanged for the week.  The average of the top ten best six month CD rates held steady at 1.28%.  The highest six month CD rate this week was also unchanged at 1.31%.

The best one year CD rates available nationally dropped by the smallest of measurements on the week.  The average one year CD rate was down by one basis point or 1/100 of a percent bringing the yield down to 1.63%.  The best one year CD rate available nationally was unaltered fro the week with the highest bank rate holding at 1.90%.

The two year term bank certificates showed the largest rate change.  The average rate for the top ten highest CD rates with a two year term were down by three basis points.  The average yield for national CD rates with a two year term dipped down to 2.05%.  The best two year CD rate fell measurably from last week’s top rate of 2.30% to 2.15% in the current week.

Five year CD rates were lower for the week for the average of the best five year CD rates but higher for the best five year CD rate available.  The highest five year CD rate was up by a full six basis points for the week with an interest rate of 3.39%.  The average yield, on the other hand, was down by one basis point, falling from 3.20% in the previous week to 3.19% this week.

This past week, while bank CD yields were lower, Treasury rates moved higher.  The movement in Treasury yields is often a precursor for changes in the overall level of interest rates including bank CD rates.  Of course, the large quantity of excess of reserves held by banks continues to place some control over the upside for bank rates.  In the meantime, there are always banks that will continue to jockey for position to obtain additional bank deposits by aggressively promoting certificate of deposits with above average yields.

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