CD rates held steady for the week ending September 18, 2009.  Most all bank CD terms were left unchanged week over week with the exception of the one year term, bank CDs. 

The average of the best one year CD rates fell by the smallest of measurements for the week, with the average one year CD rate dropping by just one basis point or 1/100 of a percent.  This rate drop brought the one year yield down from 2.04% to 2.03% for the week.  The CD rate leader in this term remained with UmbrellaBank which offers a one year CD rate of 2.15%.  UmbrellaBank’s one year CD rate is a full ten basis points above the next best bank rate promoted by Ascencia Bank.

The average of the best six month CD rates available nationally was unchanged with the average yield remain in at 1.69%.  La Jolla Bank in California is the term leader, though it leads the next best CD rate by only four basis points, with a six month CD rate of 1.80%. 

The two year CD rates held steady as well.  The average of the best two year CD rates available nationally was at 2.35%.  Tennessee Commerce Bank held the top spot with a two year CD rate of 2.50%.  The next best two year CD rate comes in at 2.37%, promoted by E-Loan which is a division of Banco Popular. 

Five year CD rates were firm, with no movement in yield from the prior week.  The average for the best five year CD rates available nationally stands at 3.38%.  The top banks with a five year CD rate are Citibank and iGOBanking which both offer rates at 3.50%.

Many state banks continue to offer CD rates above the national rates.  Georgia CD rates have come down some but continue to behave like they are operating in a third world economy with CD interest rates well above the national bank rates.  There are a number of banks in Georgia offering six month CD rates above 2.00% and one year CD rates above 3.00%.  On the other end of the spectrum are CD rates in Arizona.  CD yields in Arizona just keep falling and many investors in that state may be wise to look at the national bank rates before opening a bank CD with a local financial institution.

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