CD interest rates were mostly unchanged over the past week however; individual CD rate terms were fairly active with some minor advances and declines across the most common CD maturities.  The overall average interest rate on bank CDs did remain quite stable when averaged among the top rates for the most popular terms.

Based on the most recent CD rate survey conducted by for the week ending March 2, 2012 the average CD rate was nudged down by 2/1000ths of a percent.  The average bank CD rate available nationally, measured by the CD rate index, closed the week at 1.056 percent after dipping to 1.058 percent in the previous week.  The CD rate index measures the average rate for the highest CD rates with terms of three months, six months, one year, two years and five years in length. 

Week over week, the best three month CD rates ended the week higher as did the one year CD rates.  Six month CD rates and two year CD rates were unchanged on the week and the best five year CD rates were knocked by a fraction.

The average rate found on the top three month CD rates moved up to 0.483 percent after being stick in a holding pattern for several weeks at 0.478 percent.  Certainly not a dramatic change but, it is the first positive change for the three month CDs this year.  The highest three month CD rate was unchanged at 0.60 percent which is available at Virtual Bank.  The upward movement in the average rate was brought on almost entirely by EverBank which upped the ante on their three month CD to a rate of 0.55 percent.
Six month CD rates did not budge in the most recent survey.  The average rate found on the top ten best six month CD rates held at 0.764 percent.  The highest six month CD rate comes from AloStar Bank of Commerce with an interest rate of 0.85 percent.  Colorado Bank’s six month CD and Virtual Bank’s six month CD follow five basis points behind with yields at 0.80 percent.  All of the top three rates are unchanged from the prior week.

The top one year CD rates available nationally were boosted higher by 6/1000ths of a percent.  One year CD rates increased to1.059 percent in the current survey from 1.503 percent in the week earlier.  In the one year term category, the top yield continues to come from Doral Bank which has a one year CD interest rate of 1.15 percent.  The Beal Bank’s one year CD is five basis points lower at 1.10 percent which is followed closely by CIT Bank’s one year CD at 1.08 percent.

Two year CD rates walked the path of the six month maturities and stayed firm week over week.  The average yield on the top ten best two year CD rates was fixed at 1.18 percent.  CIT Bank has a two year CD with an interest rate of 1.26 percent to hold the top position.  Virtual Bank’s two year certificate is lower by five basis points in second position with a yield of 1.21 percent.  The third highest two year CD available nationally is available at two banks, Nationwide Bank and CNBBank Direct offer two year CDs yielding 1.20 percent.

Bank CDs maturing in five years dropped yet again.  The average yield on these term CDs lost two basis points from the previous week.  The average rate on the top ten highest five year CDs moved down to 1.796 percent from1.816.  The best five year CD has remained at State Bank of India for several weeks.  State Bank of India offers a five year CD rate or 1.96 percent out of the banks NY office, FDIC insured.   Seacoast Commerce Bank has the next highest five year CD rate at 1.85 percent followed by The National Republic Bank of Chicago which has a five year CD with a rate of 1.81 percent.

To find more information on the highest CD rates by maturity for the March 2, 2012 CD rate survey 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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