CD interest rates declined just marginally for the week ending June 3, 2011. The composite index which covers the highest three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates descended by just .002 percent on the week. The index now stands at 1.376 percent after reaching 1.378 percent in the previous week.

While the average rate for all bank CD terms surveyed fell slightly, the majority of the highest CD interest rates available nationally were untouched for the week. The index was pushed lower by changes on the long end of the CD yield curve with short and midterm CD rates remaining unchanged week over week.

Since the majority of the CD rate changes occurred in the two year and five year CDs, there was very little change among the top CD rates for the three month term CDs, six month CDs and one year CDs. The average rate for the top ten highest three month CD rates was unaffected with a yield at 0.654 percent. The Nexity Bank CD rate with a three month term continues to lead in this category with a rate of 0.81 percent.

The best six month CD rates were also unchanged on the week. The average of the top ten best six month CD rates remained at 1.010 percent. Nexity Bank is also holding the top position for this term. The six month Nexity Bank CD rate is at 1.12 percent.

One year CD rates with the highest rates available nationally followed the trend of the two shorter term maturities and held constant for the week. The average rate for the top ten highest one year CD rates was untouched at 1.259 percent. Doral Bank Direct is the one year term leader with a yield of 1.400 percent on their one year CD.

Two year CD rates showed a little action, in the wrong direction for savers, and slipped slightly on the week. The average yield on the top ten highest two year CD rates gave up .002 percent which pushed the average down to 1.499 percent from 1.501 percent in the week earlier. MetLife Bank offers a two year CD rate at 1.55 percent which continues to be the term leader.

The five year CDs were the only rates that display some significant movement on the week. The average of the highest five year CD rates dipped by almost one basis point or 1/100th of a percent. The average rate for the top ten best five year CD rates is now at 2.457 percent after settling at 2.468 percent last week. Four banks offer five year CD rates at 2.50 percent, the top rate in this category. One West Bank’s five year CD was the market leader, but the bank has since reduced that rate to 2.45 percent or the third highest rate currently on the market.

While CD interest rates were down modestly on the week other bank rates displayed greater downward action as did U.S Treasury rates.

For more information and listings of bank rates covering the best three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates see the following pages 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates or 5 year CD rates.

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