The highest CD interest rates available nationally were lower this past week; however the drop in interest rates for the top best bank rates was quite mild.  The index measuring the average rate for the top ten highest 3 month CD rates through five year CD rates was down by just .004 percent this past week.  The average CD rate covering all maturities in the index sits at 1.172 percent after dipping down to 1.176 percent in the previous week.

Rate reductions in short term CD rates have leveled off over the past week.  Granted, CD interest rates have continued to steadily decline only the magnitude of deterioration in rates for the short end of the curve has abated somewhat.  For the week ending October 14, 2011 the top ten best three month CD rates didn’t move at all.  Unfortunately, the same cannot be said for longer term maturities.  The mid and long term certificate maturities continue to move lower with the average rate on the top ten best five year CD rates slumping by .008 percent this past week.

The best three month CD rate available across the nation remains at Hudson City Savings Bank.  The Hudson City CD rates for a three month term CD has remained at 0.75 percent.  The next best yield is following Hudson by 15 basis points.  Virtual Bank and One West Bank continue to offer the next best three month CD rates with a yield of 0.60 percent. 

For those investors and savers that want to extend their duration a hair bit longer, the average rate on the top ten highest six month CD rates was off by only .005 percent.  The average six month CD rate slipped from 0.887 percent in the previous bank CD rate survey to 0.882 percent in this week’s survey.  The top three banks in this term were unchanged from the week earlier.  Aurora Bank has the top six month CD rate at 0.99 percent which is followed by Giant Bank and Ascencia Bank with CD interest rates at 0.95 percent.

One year rates matched the changes of the three month CDs and were held in check for the week.  The average rate on the top ten best one year bank CDs remained unaltered at 1.104 percent.  Doral Bank promotes the highest rate with a one year CD yielding 1.15 percent.  There was a minor rate change among the runner ups however.  AloStar Bank’s one year CD rate at 1.12 percent was unmoved on the week but Aurora Bank reduced their one year rate but one basis point to 1.11 percent.  The second best rate at 1.11 percent is available at both Aurora Bank as well as Ascencia Bank.

Two year rates shed .003 percent on the week.  The top ten CD rates with a two year term had an average yield this week of 1.301 percent, down from the prior week’s average rate of 1.304 percent.  CNBBank Direct’s two year CD has the highest rate for this term with a rate of 1.35 percent.  Just two basis points back is the Aurora Bank two year CD with a yield of 1.33 percent.  A number of banks follow these two banks with CD rates at 1.30 percent in the two year term category.  Included among the banks offering two year CD rates at 1.30 percent is USAA Bank, Ultima Bank of Minnesota, Discover Bank, American Express Bank and AloStar Bank of Commerce.

Five year CDs were off by .008 percent this week.  Five year CDs had the largest rate reduction of the five CD maturities evaluated in the weekly bank CD rate survey but it is one of the smallest changes seen over the past several weeks in this term category.  The average rate for the top five year CDs ended the week at 2.048 percent.  The best five year CD rate was unchanged this week with First Internet Bank continuing to offer a five year with an interest rate of 2.20 percent.  Discover Bank’s five year CD holds the number two spot with a CD rate of 2.15 percent.  Following the Discover CD is the certificate coming from Nationwide Bank that has a yield of 2.05 percent.

To find more information on the best CD rates by maturity please see the following CD rate tables at three month CD ratessix month CD ratesone year CD rates, two year CD rates and five year CD rates.

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