There is little to report regarding CD interest rate changes for the week ending December 23, 2011.  Bank savings rates and CD rates seemed to be held in suspended animation as there were hardly any alterations in the top CD rates available nationally across most all bank CD terms.

The average CD rate measured by the CD rate index was off by just .3 basis points; one basis point is equal to 1/100th of a percent.  The CD rate index, which measures the highest three month CD rates through the highest five year CD rates, ended the week at 1.099 percent after closing out the previous week with an average rate of 1.102 percent.

There are five separate maturities evaluated in the weekly CD rate survey including, three month CDs, six month CDs, one year CDs, two year CDs and five year CDs.  Of these five CD terms, only the five year certificates showed a change in the average rate.  The three’s, six’s, one year and two year rates were all unchanged for the week.

The top three month CD rate continues to be dominated by Hudson City Bank.  Hudson City Bank offers a three month CD rate at 0.75 percent or 15 basis points above the next best rate.  With a yield of 0.60 percent, the next best three month CD rate is promoted by Virtual Bank.  Rounding out the top three banks in the term is which markets a three month CD with an interest rate of 0.51 percent.

The highest six month CD rate is not much higher than the best three month rate.  The best six month CD rate available nationally stands at 0.85 percent, ten basis points above the best three month CD rate.  The top six month rate is available at two banks, both Virtual Bank and Stonebridge Bank offer two year rates at 0.85 percent.  Almost ten basis points below the two leaders is the six month CD offered by AloStar Bank of Commerce which has this term CD at a yield of 0.76 percent.

CD rates with a one year term were unchanged among the top ten bank rates.  The aver rage rate for the top ten one year CD rates held this week at 1.06 percent.  The highest one year CD rate remains with two banks, Doral Bank Direct and CIT Bank.  Both of these banks offer one year CDs that have interest rates at 1.15 percent.  Beal Bank follows these two institutions with a one year CD that has a yield of 1.10 percent.

Two year CD rates were also among the unmoved rates this week.  The average rate on the highest two year term CDs remains at 1.236 percent.  The top two year CD rate is available at 1.30 percent.  CIT Bank and American Express Bank are promoting CDs with two year maturities that have rates of 1.30 percent.  Five basis points lower at 1.25 percent is the next best two year yield.  Three banks have a two year CD at 1.25 percent, including Ultima Bank of Minnesota, Hudson City Bank and CNBBankDirect.

The five year rates did change in this week’s rate survey.  The average rate on the top ten highest five year CD rates dipped down to 1.930 percent from 1.945 percent in the prior week.  The highest rate was unchanged at 2.02 percent.  The 2.02 yield can be found at State Bank of India Chicago office which offers the CD by mail.  Hudson City Bank is running a close second with a five year CD that yields 2.00 percent.  The third highest rate comes from Intervest National Bank where a five year CD can be obtained with an interest rate just under 2.00 percent at 1.97 percent.

To find more information on the best CD rates by maturity please see the following CD rate tables at three month CD ratessix month CD ratesone year CD rates, two year CD rates and five year CD rates.

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