After the monthly jobs report was released on February 7th, CD rates were overcome with apathy.  Although the monthly jobs report was measurably worse than expected CD rates, along with most all bank rates, were changed only fractionally based on the news.  Unfortunately for savers, the overall rate change was to the downside albeit, only modestly.

For the week ending February 7, the average CD rate in the CD rate index was down by just 3/1000ths of a percent.  The CD rate index dribbled down to 1.081 percent from 1.084 percent in the week before.  The CD rate index does not measure the national average CD rate by rather measures the average rate found on the top ten highest CD rates available nationally.  The CD rate index measures the top ten highest bank CD rates available for three month term CDs, six month CDs, one year CDs, two year CDs and five year term CDs.

There was no change in the best three month CD rates on the market.  The average rate on the top ten best three month term certificates held at 0.403 percent., an online banking division of Beal Bank based in Texas, holds the top position with a three month CD rate of 0.51 percent.

Six month CD rates displayed a fairly sizeable drop for a short term maturity.  The average rate found on the top ten highest six month CDs dropped to 0.757 percent from 0.767 percent in the previous week.  Pacific Mercantile Bank and Bank5 Connect, the online banking division of Salem 5 Bank based in Massachusetts, share the lead for delivering the highest rate of return on the six month CD at 0.90 percent.

One year CD rates were all but unchanged on the week, displaying a rate increase of just 1/1000th of a percent.  The average rate of return on the best one year CDs increased to 1.034 percent from 1.033 percent in the prior weekly survey.  AloStar Bank of Commerce offers the highest yielding one year CD rate at 1.10 percent.

The top two year CD rates available to consumers were unchanged on the week.  Two year CD rates held firm at 1.163 percent.  Two recurring bank names present the highest yields in this term.  Bank5 Connect and AloStar Bank of Commerce have matching two year CD rates at 1.25 percent, the best rates for this maturity.

Five year CD rates slid by almost one basis point this past week after rising up for three consecutive weeks.  The average rate found on the top ten five year CDs fell by 8/1000ths of a percent to end the week at 2.047 percent from an average yield of 2.054 percent in the preceding week.  Once again, two banks are promoting the highest yielding five year certificates.  iGOBanking, the online division of Flushing Bank of New York, and Barclays Bank both have five year CD rates at 2.15 percent to lead to the long term category.

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