CD rates reversed last week’s mild rate reduction and pushed slightly higher for the week ending July 6, 2012.  The average CD interest rate in the Selectcdrates.com CD rate index advanced but less than one basis point.  The average CD rate was up by just 1/1000th of a percent pushing the Selectcdrates.com CD rate index up to 1.058 percent from 1.056 percent in the prior week.  The CD rate index measures the average rate found on the top ten highest three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates.

The three month CD rates in the weekly survey showed no change on the week.  The average interest rate found on the top ten highest three month CDs available nationally held at 0.496 percent.  The three month term EverBank CD rate continues to be the best rate on the market.  EverBank offers a three month CD with an interest rate of 0.66 percent which just nudges out the second highest three month CD rate at E-Loan.  The E-Loan CD has an interest rate of 0.65 percent.

Six month CD rates shifted higher on the week by 4/1000ths of a percent.  The average rate on the highest six month CD rates climbed up to 0.774 percent from 0.770 percent from the earlier week.  The top six month CD rate can be found at Ascencia Bank.  The Ascencia Bank CD has an interest rate of 0.90 percent which is a rather surprising ten basis points above the next best certificate rate.  Following Ascencia Bank are the bank CDs of EH National Bank, Colorado Federal Savings Bank and ableBanking which all promote six month CD rates at 0.80 percent.

The best one year CD rates were also stuck this week.  The average rate on the top ten highest one year bank CDs stayed at 1.046 percent.  The Doral Bank Direct CD remains the best rate on the market at 1.15 percent.  The MetLife Bank CD and the Colorado Federal Savings Bank CD run a close second with six month CDs that yield 1.05 percent.

Two year CD interest rates made it a troika of indifference this week.  The best two year CD rates followed along with the three month and the one year CDs and didn’t budge over the course of the week.  The average interest rate reported in the weekly survey for the highest two year CD rates available nationally lingered at 1.178 percent.  The CIT Bank CD and Barclays Bank CD share the top yield with certificates that have interest rates at 1.25 percent.

Five year CD rates clawed back from some of the dip they experienced in the previous week.  The average five year CD rate moved up to 1.794 percent, a 2/1000ths of a percent gain, after digesting a loss of 3/1000ths of a percent in the prior week which put the average rate at 1.792 percent.  The National Republic Bank Chicago CD and State Bank of India CD have the best yields on the market at 1.91 percent.

To find more information on the highest CD rates by maturity for the July 6, 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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