The best certificate of deposit rates had mixed results for the week ending October 16, 2009.  Shorter term CD rates rose along with long term CD rates while the midterm rates pushed lower.

The best six month CD rates gained ground with the average yield moving higher by the close of the week.  The average of the best six month CD rates was higher by three basis points or 3/100 of a percent bringing the average interest rate up to 1.68%.  The highest six month CD rate comes from Atlantic Coast Bank with a CD interest rate that towers above the rest.  Atlantic Coast Bank promotes a six month CD rate with an interest rate of 2.25%.  The next best six month CD rate is at 1.76%. 

One year CD rates moved in the opposite direction with the average one year CD rate dropping slightly.  The average of the best one year CD rates available nationally shed just one basis point with the average rate falling to 2.04%.  The highest one year CD rate is a product of ING Direct which promotes a one year CD rate with an interest rate of 2.25%.  This CD interest rate is also rather substantially higher than the competition.  The next best one year CD rate is at 2.10% from Amboy Direct.

The best two year CD rates available nationally gained the amount lost on the one year CDs or one basis point.  The average of the two year CD rates moved up from 2.32% in the previous week to close out October 16 at a rate of 2.33%.  The highest two year CD rate available nationally is also from Atlantic Coast Bank.  Atlantic Coast Bank offers a two year CD that has an interest rate of 2.40%.  This bank CD rate is marginally higher than the next best two year CD rate which has an interest rate of 2.37% from E-Loan.

Five year CD rates also edged up slightly on the average yield for the highest rates.  The average interest rate for the best five year term CDs moved up to 3.39%, gaining one basis point for the week.  The best five year CD rate is marketed by iGOBanking which offers the five year with an interest rate of 3.50%.  State Bank of India follows with a five year CD rate at 3.44%.  Competition in the five year term is competitive, though not an investor’s choice in this environment, with five banks offering five year term CDs at 3.40%.

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