Bank CD rates are down again this week. The declines were in all categories from 3 month certificate of deposit rates to 5 year certificate of deposit rates.

Average CD rates have been on a decline for over a year now. One of the best CD rate deals out there now includes H&R Block Bank’s 6 month CD, which currently has an annual percentage yield of 2.00 percent.

The average rate for a 3 month CD is down to 0.605 percent this week, down from last week’s average rate of 0.682 percent. Broadway National Bank is offering one of the top CD rates for a 3 month CD with the yield currently at 1.35 percent.

6 month certificate of deposits are averaging 0.878 percent, down from last week’s average rate of 1.024 percent. Community Fed Savings Bank is also offering one of the highest CD rates for a 6 month CD. The APY is 2.00.

Average rates on 12 month CDs are currently at 1.161 percent, down from the prior week’s average rate of 1.343 percent.

The average rate for an 18 month certificate of deposit is at 1.325 percent this week, down from last week’s average CD rate of 1.541 percent.

Two year certifcate of deposit rates are averaging 1.631 percent, down from the previous week’s average rate of 1.801 percent.

Average rates on 3 year CDs are at 1.934 percent, down from last week’s average rate of 2.116 percent.

The average rate for a 4 year certificate of deposit is currently at 2.164 percent, down from 2.322 percent.

5 year certificate of deposit rates are averaging 2.433 percent, down from the previous week’s average rate of 2.562 percent.

OneWest Bank, formerly IndyMac Bank before it was rescued by the Federal Deposit Insurance Corporation (FDIC) last year, is offering one of the best CD rates for a one year certificate of deposit. The CD rate is currently at 1.99 percent with an annual percentage yield of 2.01 percent.

The CD rate is a special online CD promotion that isn’t available at branch locations. The minimum deposit to open a certificate of deposit account and receive this promotional rate is $5,000. Interest is compounded daily and paid or reinvested into the certificate of deposit account monthly or at maturity. The early withdrawal penalty is six months of simple interest on the rate being paid on the amount withdrawn.

OneWest Bank is also currently paying the following CD rates and CD yields.

• 3 month rate 1.24% - yield 1.25%
• 6 month rate 1.64% - yield 1.65%
• 9 month rate 1.64% - yield 1.65%
• 10 month rate 1.64% - yield 1.65%
• 18 month rate 1.88% - yield 1.90%
• 2 year rate 2.23% -  yield 2.25%
• 3 year rate 2.47% -  yield 2.50%
• 4 year rate 2.71% - yield 2.75%
• 5 year rate 3.34% - yield 3.40%

OneWest Bank Certificate of Deposit Accounts

2 year CD rates at banks are averaging 1.640 percent this week, down from the prior week’s average 2 year certificate of deposit rate of 1.833 percent.

CD rates have been slowing treading down since late last year. The average 2 year CD rate last year was around 5.00 percent.

Here are the top ten 2 year CD rates at banks listed in zip code 30305 at MonitorBankRates.com.

Top Ten 2 Year CD Rates at Banks

• E-Loan.com: Current CD yield 2.37 percent. Minimum deposit $10,000.
• Ally Bank: Current CD yield 2.35 percent. Minimum deposit $1.00.
• Discover Bank: Current CD yield 2.35 percent. Minimum deposit $2,500.
• Nationwide Bank: Current CD yield 2.30 percent. Minimum deposit $10,000.
• AIG Bank: Current CD yield 2.26 percent. Minimum deposit $2,500.
• EverBank: Current CD yield 2.20 percent. Minimum deposit $1,500 for 30 months.
• First Internet Bank of IN: Current CD yield 2.15 percent. Minimum deposit $1,000.
• Tennessee Commerce Bank: Current CD yield 2.15 percent. Minimum deposit of $2,500.
• Giantbank.com: Current CD yield 2.11 percent. Minimum deposit of $2,500.
• Bank of America: Current CD yield 2.00 percent. Minimum deposit of $10,000

Other banks offering a 2.00 yield for a 2 year certificate of deposit include, Citibank ($10,000 minimum deposit), Bank of Internet USA ($1,000 minimum deposit), EmigrantDirect.com ($1,000 minimum deposit), UFB Direct ($8,000 minimum deposit) and Georgia Bank & Trust ($500 minimum deposit).

Metlife Bank, the banking arm of Metropolitan Life Insurance Company is offering one of the best CD rates around these days for a 3-month CD. The current annual percentage yield on the 3-months certificate of deposit is 1.50 percent. The current national average rate for 3-month CD interest rates is 0.637 percent, MetLife current CD rates are a lot higher as you can see.

The minimum opening deposit for certificate of deposit accounts at MetLife Bank is $2,000. To earn the 1.50 annual percentage yield the minimum deposit is $25,000. Certificate of deposit accounts with balances between $2,000 and $14,999 earn an annual percentage yield of 1.00 percent. Certificate of deposit accounts with balances between $15,000 and $24,999 earn an annual percentage yield of 1.25 percent, still a high CD interest rate for 3-month banks CD rates.

Interest earned on certificate of deposits is compounded daily and credited to the account monthly. All deposits are FDIC insured up to $250,000 until December 31, 2013.

After December 31, 2013, FDIC insurance will return to $100,000 per depositor for each account category except Traditional IRAs (IRA CD rates)and Roth IRAs (and other certain retirement accounts), which will remain at $250,000 per depositor.

H&R Block Bank, the banking arm of H&R Block, the tax preparation company, is offering a special promtional 6-month CD rate that runs until the end of September. The yield on the 6-month certificate of deposit is 2.00 percent, which is one of the best CD rates and yields out there these days.

The national average rate on a 6-month certificate of deposit is at 1.05 percent as of today, so H&R Block’s 6-months CD rate one of the highest CD rates around. The minimum opening deposit is $10,000. The penalty for an early withdrawal is 30 days of interest. 

Act fast because this promo CD rate ends at September 30, 2009.

H&R Block 6-month promotional CD Rate

CD rates are higher this week, the second consecutive week rates are higher. The increase in bank CD rates this week wasn’t as much as last week’s big jump in rates. Competition for depositors must be heating up between banks and credit unions.

Banks that have paid back money they borrowed from the Troubled Asset Relief Program (TARP) must be partly fueling the increase in CD rates to shore up their cash reserves.

Find the highest CD rates available by seraching our CD rate tables here. CD Rate Tables

Current CD Rates

The national average certificate of deposit rate for a one-year CD increased to 1.461 percent this week, up from the prior week’s average CD rate of 1.458 percent. Almost two weeks ago one-year certificate of deposit rates were averaging 1.234 percent.

3-month certificate of deposit rates are averaging 0.720 percent this week, up from the prior week’s average rate of 0.716 percent. On September 1, 3-month CD rates were averaging 0.666 percent.

The average certificate of deposit rate for a 6-month CD is currently at 1.058 percent, a slight increase from last week’s average CD rate of 1.057 percent. Two weeks ago 6-month CD rates were under 1.00 percent at 0.950 percent.

18-month certificate of deposit rates are averaging 1.642 percent, up from the previous week’s average CD rate of 1.606 percent. The low for a 18-month CD in the beginging of September was 1.390 percent.

The average certificate of deposit rate for a 2-year CD is 1.901 percent, up from last week’s average CD rate of 1.874 percent. Two weeks ago the national average 2-year CD rate was 1.672 percent.

3-year certificate of deposit rates are up to 2.229 percent this week, an increase from last week’s average rate of 2.241 percent and up from the recent low of 1.967 percent.

The national average certificate of deposit rate for a 4-year CD is at 2.452 percent this week, up from the prior week’s average CD rate of 2.391 percent. The September 1st low was 2.187 percent.

5-year certificate of deposit rates are averaging 2.772 percent this week, up from last week’s average rate of 2.676 percent, also up from the recent low of 2.445 percent.

TD AmeriTrade the online brokerage company is offering one of the best CD rates for a 3-month certificate of deposit. The current interest rate is 1.24 percent with an annual percentage yield of 1.25 percent. This CD rate is well above the national average CD rate for a 3-month CD.

Today’s national average 3-month CD rate is 0.665 percent, almost half TD AmeriTrade’s 3-month CD rate. The minimum deposit for the 3-month certificate of deposit is $25,000. If you don’t have the minimum dollar amount of $25,000 another option is Ally Bank’s 3-month certificate of deposit, the minimum deposit is only $1.00. Their 3-month CD yield is also one of the highest CD rates around at 1.24 percent with an APY of 1.25 percent.

To take advantgage of this promitional CD rate and yield you have to deposit the minimum dollar amount by September 30, 2009 and purchase a certificate of deposit by October 2, 2009. The maximum amount you can deposit is $250,000. The CD rate is only good online and for new deposits. Certificate of deposits  are FDIC insured up to $250,000.

Promotional CD offer

HSBC Direct, the online bank of HSBC, is offering one of the best 12 months CD rates available these days. The current annual percentage yield (APY) is 2.00 percent.  The CD rate and CD yield for the 12 months certificate of deposit is the same as HSBC Direct’s 48 months certificate of deposit.

The APY is also higher than HSBC direct’s longer term certificate of deposits, including their 18 months CD, 24 months CD, 30 months CD and 36 months CD.  

The APY is well above the National Average CD Rate for a 12 months CD. The current National Average is 1.24 percent as of today. We don’t know how long this promotional CD rate will last so take advantage of the rate while you can. The minimum certificate of deposit account opening balance and minimum balance is only $10.

Opening an online certificate of deposit with HSBC is quick and easy. You will need to provide the following information.

1. Your Social Security or Personal Tax ID Number.
2. Your Driver’s License or ID card issued by a state DMV. If you don’t have either of these, HSBC Direct will ask you for copies of other acceptable identification as they process your application.
3. Information about any loans or mortgages that you may have to help HSBC Direct confirm your identity.
4. For instant funding, you will need your current bank account and routing numbers.
5. If you are applying for a joint account, you will need the Secondary Applicant’s name, Social Security or Personal Tax ID Number and Date of Birth.
6. If you are a U.S. resident but not a U.S. citizen, you will need your Resident Alien Card (Green Card) or complete passport information.

MonitorBankRates.com has a CD Rates Table you can search to find CD rates in your area. CD Rates Table Here

We also offer a free mortgage rates table you can use to find Today’s Mortgage Rates in your area. Mortgage Rates Table Here

Giantbank of Ft. Lauderdale, Florida, a division of Landmark Bank, is offering one of the best CD Rates around for a 12 month CD. The bank is currently offering a one-year CD with an annual percentage rate of 1.89 percent, the annual percentage yield is 1.91 percent. A lot higher than the average national rate for 12 month cd rates at banks.

The minimum opening deposit for the 12 month certificate of deposit and all certificate of deposit accounts at Giantbank is $2,500. The minimum deposit for a 12 month individual retirement account CD and all IRA certificate of deposit account is only $1,000.

Interest is compounded daily for all certificates at Giantbank, giving you a better annual percentage yield than certificates that are compounded daily, quarterly or annually. The interest you earn will be credited to your account every month.

As with all certificate of deposits issued by a bank there are early withdrawal penalties. Giankbank charges an early withdrawal penalty of three months of interest if the original certificate of deposit maturity is six months or less. For certificates of deposits that have a maturity of more than six months the early withdrawal penalty is six months of interest.

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.

Search for The Best CD Rates Here