CD Rates: Current CD Rates August 14, 2009

The Federal Open Market Committee (FOMC) meet for two days this week to decide the future direction of monetary policy. As expected, the FOMC decided to keep the fed funds rate in it’s current targeted range of zero percent to one quarter percent.

Even though economists are forcasting the economy will grow this quarter and next the fed isn’t concerned about inflation at this point because there is ”substantial resource slack”. Fed speak for too many idle factories and unemployed people to cause companies to raise prices or wages.

Another factor that will keep a lid on inflationary pressures is the productivity rate which has gone up to a very high rate of 6.2 percent in the second quarter. Companies are doing more with less employees causing productivity to skyrocket.

Current CD Rates

The average rate on a 3-month certificate of deposit is currently at 0.684 percent for the week ending August 14, 2009, down from the prior week’s average  CD rate of 0.701 percent. Ally Bank is offering one of the highest CD rates for a 3-month CD, their current rate is 1.14 percent.

6-month CD rates are averaging 0.937 percent this week, down from the previous week’s average CD rate of 0.988 percent. You can find 6-month CD rates at banks that are higher than the national average rates. Today’s 6-month CD rate at AIG bank is 1.55 percent.

12-month CD rates are averaging 1.257 percent this week, down from the prior week’s average rate of 1.271 percent. Discover Bank is offering one of the top CD rates around for a 12-month CD, their rate is currently 1.98 percent.

The average CD rate on 18-month certificate of deposit is at 1.409 percent this week, down from the prior week’s average rate of 1.418 percent.

24-month certificate of deposit rates are averaging 1.686 percent this week, down from last week’s average CD rate of 1.692 percent.

The average certificate of deposit rate on a 36-month CD is at 1.975 percent today, down from the prior week’s average CD rate of 1.978 percent.

48-month CD rates are averaging 2.203 percent the week ending today, down from last week’s average CD rate of 2.205 percent.

60-month certificate of deposit rates are averaging 2.449 percent this week, down from the previous week’s average rate of 2.450 percent.

Looking for the best CD rates in your zip code? MonitorBankRates.com has CD rates a lot higher than the national average CD rates. Search for CD rates using our CD rate tables.

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