AIG Bank, the banking arm of the insurance giant AIG, is offering one of the best CD rates available for a 6 months certificate of deposit.

The current CD interest rate is 1.44 percent and the annual percentage yield (APY) is 1.55 percent. The rate and yield are almost double the national average 6 months certificate of deposit rate of 0.82 percent.

The minimum opening CD account balance is $2,500. The early withdrawal penalty for certificate of deposit accounts of 12 months or less is 90 days of interest. Certificate of deposit accounts are insured by the FDIC for up to $250,000.

AIG Bank CD Rates

Average CD rates at banks were down again this week over last, continuing a slow decent down since late last year. The good news is CD rates will start heading up sometime in 2010 as long as the economy keeps expanding.

When inflation rears its ugly head, the Fed will be forced to raise interest rates to keep a lid on inflation.

Looking for the Best CD Rates? Search our CD Rate tables to find the highest CD rates available today: CD Rate Table

The Federal Open Market Committee met this week and decided to keep interest rates low for now. In their official “FOMC Statement” the Fed said “economic activity has continued to pick up” and ”activity in the housing sector has increased over recent months”  but “Household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit.”

Average CD Rates at Banks

• 3 month rates are at 0.578 percent this week, down from last week’s average rate of 0.586 percent.
• 6 month CD interest rates are at 0.846 percent, down from the prior week’s average rate of 0.859 percent.
• 12 month certificate of deposit rates are averaging 1.126 percent, down from the previous week’s average rate of 1.139 percent.
• 18 month CD rates are averaging 1.297 percent, up from last week’s average rate of 1.306 percent.
• 24 month rates are averaging 1.602 percent this week, down from the previous week’s average of 1.610 percent.
• 36 month CD interest rates are at 1.917 percent, down from the prior week’s average of 1.921 percent.
• 48 month CDs are averaging 2.146 percent, down from last week’s average rate of 2.149 percent.
• 60 month certificate of deposits are averaging 2.415 percent, down from the prior week’s average rate of 2.418 percent.

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Hudson City Savings Bank of Paramus, New Jersey is offering two of the best bank CD rates available these days. The bank is offering a three year certificate of deposit with an annual percentage yield of 3.00 percent and a two year certificate of deposit with an annual percentage yield (APY) of 2.50 percent.

Both the two year CD rate and the three year CD rate are well above the national average rate. Currently the national average two year CD rate is 1.60 percent and the three year average CD rate is 1.91 percent.

The minimum opening deposit for both certificate of deposit accounts is $5,000. Interest earned on the certificate of deposit is compounded daily and credited on the last business day of the month and on the Certificate of Deposit maturity date.

Hudson City Savings Bank certificate of deposit accounts can be opened online. The bank also has branches in New Jersey, New York and Connecticut. The bank has been insured by the Federal Deposit Insurance Corporation since 1934. The FDIC Cert number is 13074.

Hudson City Savings Bank

Average CD rates headed slightly lower again this week over last, continuing the year long trend down. There is hope for the future direction of CD rates since the economy is expanding again.

Preliminary numbers on third quarter Gross Domestic Product (GDP), a measure of goods and services, expanded by 3.5 percent. Fourth quarter GDP is also expected to expand around 2.5 percent to 3.00 percent.

When the Fed starts raising interest rates to keep inflation in check, deposit account rates like CD rates and savings account rates will start heading up as well. Hopefully this process should start happening sometime in the first half of 2010.

CD Rates - October 30, 2009

• The average 3 month certificate of deposit rate is at 0.587 percent this week, down from last week’s average rate of 0.592. Imperial Capital Bank is offering one of the best CD rates and yields for a 3 month certificate of deposit, the current APY is 1.33 percent.
• 6 month bank CD rates are averaging 0.859 percent this week, down from the prior week’s average rate of  0.863 percent this week. First Federal Bank of California is offering one of the highest CD rates at banks for a 6 month bank CD, the current APY of 1.75%.
• Average CD rates at banks for 12 month CDs are at 1.139% percent this week, down from last week’s average of 1.145 percent. Bank of Internet USA is offering one of the highest bank CD rates for a one year CD, their currently yield is 2.02 percent.
• 18 month CD rates are averaging 1.306 percent this week, down from last week’s average of 1.311.
• 24 month bank CD rates are averaging 1.610 percent, down from the prior week’s average CD rate of 1.613 percent.
• 36 month certificate of deposit rates are averaging 1.921 percent this week, down from the previous week’s rate of 1.923 percent.
• The average rate for a 48 month certificate of deposit is 2.149 percent, down from 2.153 percent.
• 60 month CD rates are averaging 2.418 percent this week, down from last week’s average of 2.422 percent.

Find the best bank CD rates in your area by searching our CD rate tables here: Best Bank CD Rates

Current 12 month certificate of deposit rates are averaging only 1.146 percent this week but you can find 12 month CD rates a lot higher than the national average rate.

ING Direct has the best CD yield on MBR’s 12 month CD rate table, ING Direct’s current yield is 2.10 percent.

Here is a list of the top 21 certificate of deposit yields for zip code 33401 (West Palm Beach, Florida). You can find the best CD rates and yields in your area by using our CD rate tables here. Find the Best CD Rates

1. ING Direct 2.10% APY
2. Bank of Internet 2.02% APY
3. Ally Bank 2.00% APY
4. Discover Bank 2.00% APY
5. AIG Bank 1.91% APY
6. Nationwide Bank 1.90% APY
7. GiantBank.com 1.86% APY
8. Colonial Bank 1.85% APY
9. HSBC Direct 1.85% APY
10. E-Loan 1.81% APY
11. Bancorp South 1.75 APY% (13 month)
12. EverBank 1.72% APY
13. Tennessee Commerce Bank 1.60% APY
14. Allstate Bank 1.50% APY
15. Coastline Federal Credit Union 1.50% APY
16. Third Federal 1.50% APY
17. UFB Direct 1.50% APY
18. Citibank 1.30% APY
19. PenFed 1.25% APY
20. First Internet Bank of IN 1.25% APY
21. Ameriprise Bank 1.25% APY

Find the best certificate of deposit yields in your zip code. Best CD Yields