With the first full week of 2012 behind us, bank CD rates started up in the same direction they ended 2011, dropping down lower.  The average bank CD rate in the Selectcdrates.com weekly CD rate survey slipped lower by one basis point or 1/100th of a percent.  The average CD interest rate in the weekly survey dropped down to 1.089 percent from 1.099 percent

CD interest rates shrugged off the positive economic news displayed in the monthly employment report.  The jobs report was released on Friday showed better than expected results with 200,000 new jobs formed in December.  A good number or better than expected number is usually seen as a sign of better economic conditions.  Positive job growth usually indicates an expanding economy which generally leads to higher interest rates, bank rates and CD rates.  The bank CD rates changes we see are not earth shattering and the employment report is only one statistic that measures economic performance.

Three month CD rates had the second greatest drop in yield over the course of the week.  The three month CD rate, based on the average rate for the top ten best bank CD rates available nationally, gave up 1.5 basis points.  The average three month CD rate slid down to 0.483 percent from 0.498 percent in the previous week.  Hudson City Savings Bank reduced their three month rate from 0.75 percent to 0.60 percent, forcing the average rate lower.  The highest rate with a three month term still comes from Hudson City Bank but is also shared by Virtual Bank which also offers a three month CD rate at 0.60 percent.  UmbrellaBank.com and Beal Bank are promoting the second highest rates at 0.51 percent.

Six month CD rates were down by less than one basis point.  The average six month CD rate in this week’s survey fell to 0.766 percent from 0.771 percent in the earlier week’ rate survey.  The top six month CD rate is the product of Virtual Bank with an interest rate of 0.85 percent.  Five basis points lower is the six month CD marketed by Stonebridge Bank with a yield of 0.80 percent.  The number three bank in the six month maturity category is AloStar Bank of Commerce which has a six month CD rate at 0.76 percent.

The average rate for the top one year CD rates was unchanged this week.  The rate on the best one year CD rates held at 1.060 percent.  The highest rate continues to come from Doral Bank Direct and CIT Bank with one year rates at 1.15 percent.  Beal Bank remains close behind the two leaders with a one year CD rate of 1.10 percent.  The next best one year CD rate is at 1.05 percent and is available at three different banks across the nation, State Bank of India, Nationwide Bank and CNBBankDirect all offer the one year maturity CDs at 1.05 percent.

The best two year CD rates dropped down by just under one basis point.  The average rate for the top ten highest two year CD rates was 1.228 percent after holding steady in the previous week at 1.236 percent.  The highest two year CD rate managed to remain unchanged from the earlier week at 1.30 percent.  The top two year rate is available at American Express Bank and CIT Bank.  Following the CD rates of Am Ex and CIT are the CDs at Ultima Bank and CNBBankDirect which both have two year CD rates yielding 1.25 percent.  Virtual Bank has third highest two year certificate with a interest rate at 1.21 percent.

The five year term CDs experienced the largest rate change over the week.  The average yield for the top ten five year CD rates plunged (plunge may be a bit harsh) to 1.908 percent from 1.930 percent in the week earlier.  The best five year CD rate is still the product of State Bank of India in Chicago which offers the five year at 2.02 percent.  Three banks have five year CDs with interest rates of 1.95 percent, the second highest yield.  Intervest National Bank, OnBank and Tennessee Commerce Bank all have five year CDs with a1.95 yield.  Nationwide takes third place with five year certificate that yields 1.90 percent.

To find more information on the best CD rates by maturity for the January 9, 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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