Based on the current CD rate survey, the bloodletting in CD interest rates shows no signs of abating.  Savers and investors in bank CDs are seeing no reprieve in the current extended down cycle of lower interest rates.  Fortunately, the rate decline seen this week in the best CD interest rates was rather modest.

The national average CD rate covering the best three month bank CD rates up to the best five year CD rates was lower this past week by a hair less than one basis point.  One basis point is equal to 1/100th of a percent.  The national average rate for the best CD rates drifted down to 1.243 percent from 1.252 percent in the preceding week.

The top ten best three month CD rates lost 1.5 basis points.  The average rate on the top three month CD rates came in at 0.573 percent, off of last week’s average rate of 0.588 percent.  The AloStar Bank CD leads the three month maturities with an interest rate of 0.76 percent.  The previous week’s second best rate came from Virtual Bank which has now fallen to third place after reducing their rate on a three month CD from 0.75 percent to 0.60 percent.  Hudson City Savings Bank now has the second best three month CD at 0.75 percent.

Six month CD rates were cut back by 1.6 basis points after holding firm in the previous week.  The average rate for the best six month CD rates was trimmed down to 0.927 percent.  The best six month CD rate was unchanged at 1.05 percent; this rate is available online at AloStar Bank.  Aurora Bank’s CD and Ascencia Bank’s CD with a six month term move up to the second best rates at 1.00 percent.  The previous next best rate was also Virtual Bank which reduced their six month CD rate from 1.01 percent to 0.85 percent. 

The top one year CD rates experienced a gain in yield this week, albeit a very small one.  The average rate for the top ten highest one year CD rates moved up to 1.158 percent from 1.150 percent in the prior week.  AloStar Bank increased the rate on their one year certificate to 1.21 percent to move into the number slot.  Sallie Mae Bank and CNBBank Direct promote the second best one year rates just one basis point lower than AloStar at 1.20 percent.

Two year CD rates were trimmed by almost two basis points from the previous week.  The average rate for the top ten two year CD rates shrunk down to 1.355 percent.  The top three banks in this term were little changed from the prior week.  The best two year CD rate is available at CNBBank Direct with a rate of 1.50 percent.  The second best rate comes from Flagstar Bank at 1.40 percent and AloStar Bank has slipped into third position with a rate of 1.37 percent after Aurora Bank reduced their two year yield from 1.39 percent to 1.36 percent.

Five year CD rates slipped by less than one basis point.  The best five year CD rates now have an average yield of 2.203 percent, down from last week’s average five year rate of 2.210 percent.  The best five year CD rate comes from Urban Partnership Bank with stand out yield of 2.42 percent.  The second best five year is promoted by Flagstar Bank with a yield of 2.30 percent.  The top three best five year CD rates is rounded out with a CD from AmTrustDirect which offers the five year at 2.25 percent.

To find the best CD rates by maturity please see the CD rate tables at labeled by term: 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates.

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