CD interest rates made a minor dip lower during the second week of 2013.  Individual CD maturities were mixed with some maturities pushing moderately higher while others retreated lower.  The midterm CD rates were a fair bit lower but the overall reduction in the average CD rates was held back by the lack of the activity in short term rates and the increase in yield found on long term CD rates.

CD rates, measure by the CD rate index, dropped by just 4/1000ths of a percent in the most recent weekly survey for the week ending January 14, 2013.  The bank CD rate index measures the top ten highest CD rates for three month CDs, six month CDs, one year CDs, two year CDs and five year CDs.  This past week, the index fell to 1.030 percent from 1.034 percent in the previous week.

Of the five maturities or terms that are in the index, two CD maturities experienced lower average CD rates, one term was higher and two maturities showed no change in the average rate available.  The short term, three month CD rates were unchanged on the week, holding with an average CD interest rate of 0.482 percent.  The average rate on the two year bank CDs were also unaltered on the week with the yield remaining at 1.175 percent.

The six month CD rates displayed a fairly measurable drop, giving up 1.6 basis points week over week.  One basis point is equal to 1/100th of a percent.  The average interest rate found on the top ten six month CD rates dropped to 0.758 percent from 0.774 percent in the week earlier.

The average rate on the top one year CD rates was down by exactly one basis point slipping to 1.032 percent from 1.042 percent in the prior week.  The best five year CD rates managed to show an increased rate of return by week’s end.  The rate on the top ten highest five year CD rates bounced up to 1.705 percent, one basis point above the week earlier average rate of 1.695 percent.

During the week, there was very little change in the top CD rates offered nationally.  The E-Loan Bank CD rates continue to be the best short term three month CD rates with a rate of 0.65 percent.  Doral Bank Direct offers the highest six month CD rates at 0.90 percent.  A number of banks dominate the highest one year CD rates with advertised interest rates at 1.05 percent including Sallie Mae Bank, NexBank, GE Capital Bank, Colorado Federal Svgs Bank and CIT Bank.  The highest two year CD rate comes from NexBank out of Texas which offers the two year term CD with a rate of 1.30 percent and the top yielding five year terms are the Nationwide Bank CD rates and the CIT Bank CD rates which yield 1.80 percent.

To shop and compare the highest CD rates by maturity found in the January 14, 2013 CD rate survey please see the following CD rate tables: three month CD ratessix month CD ratesnine month CD rates, one year CD rates, two year CD rates, three year CD rates, four year CD rates and five year CD rates.

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