New York CD rates were a mixed bag for the week ending June 12, 2009.  Short term CD rates fell while the longer term rates rose.  The best six month CD rates dropped measurably from an average of 2.32% at the start the week to 2.18% at the close of the week.  One year CD rate were down as well but not by nearly the scale of the six month rates.  One year CD rates dropped by two basis points or 2/100 of a percent to end the week at 2.51%.  The two year CD reversed the slide and improved by 12 basis points to 2.78%.  The average of the best five year CD rates in New York fell by less than .01% ending at 3.64%.

The top two bank rates with a six month term in New York remain unchanged for the week.  Massena Savings and Loan offers the best six month CD rate at 2.56%.  Closely following this rate is the six month CD from Wilshire State Bank that has an interest rate of 2.52%.  Bank CD rates drop off measurably from this point with the next best rate ½% lower.

The highest one year CD rates in New York are remained mostly intact for the week as well.  The best one year CD rate is also a product of Massena Savings and Loan with a rate of 2.87%.  Mutual Bank continues to promote a 16 month CD special with an interest rate of 2.56%.  Three basis points behind that rate is Atlas Savings and Loan’s 15 month CD that earns a rate of 2.53%.

The highest two year CD rates seem to be fixed too with the best rate at Massena Savings and Loan at 3.08%.  Atlas Savings and Loan has second position with a two year CD rate of 2.89%.  Both of these CD rates surpass the best national rates.  First Republic Bank falls seven basis points under the best national rate to hold the third best rate with a two year CD that yields 2.80%. 

The best five year CD rates were almost completely static for the week.  Of the highest five year CDs from last week only Intervest National Bank showed signs of life, disappointingly by reducing their five year CD from 3.66% to 3.62%.  All other CD rates remained intact.  The top spot is held by Atlas Savings and Loan at 3.82%.  First Republic follows with a five year CD rate of 3.75%.  State Bank of India rounds out the top three banks with five year CD rate of 3.65%.

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