Average CD Rates – October 16, 2009

Average CD rates were lower in all certificate of deposit categories this week. The declines were small this week compared to last week. CD rates at banks continue to drift down with no end in sight to the decline in rates.

There are deals and promotional CD rates available these days. Some promo CD rates and yields are a lot higher than the current national average rate.

Right now, ING Direct tops our 12 month CD rate chart with an annual percentage yield (APY) of 2.10 percent, almost double the national average rate for a 12 month CD. The minimum deposit for an ING certificate of deposit is just $1.00. Search for CD rates in your area here:  CD Rate Charts

Average CD Rates

• Current 3 month certificate of deposit rates are averaging 0.600 percent this week, down from last week’s average rate of 0.605 percent.
• Average 6 month certificate of deposits are at 0.873 percent this week, down from the prior week’s average rate of 0.878 percent.
• One year CD rates are averaging 1.154 percent this week, down from the previous week’s average rate of 1.161 percent.
• 18 month certificate of deposit rates are averaging 1.320 percent this week, down from last week’s average rate of 1.325 percent.
• Two year CD rates are averaging 1.622 percent, down from 1.631 percent the prior week.
• Three year certificate of deposits are averaging 1.928 percent, down from 1.934 percent.
• The average four year CD rate is currently at 2.159 percent, down from last week’s average rate of 2.164 percent.
• Average five year CD rates are at 2.429 percent, down from the previous week’s rate of 2.433 percent.

Find the best CD rates in your area by using CD rate tables on  MonitorBankRates.com. Find the best CD rates here.