CD Rates: Current CD Rates at Banks July 22, 2009

CD Rates at banks were down fractionally again this week over last week, except for the average five-year certificate of deposit rate which was up ever so slightly. Certificate of deposit rates are expected to stay in this low range for a while since the Federal Reserve Bank isn’t expected to raise interest rates until sometime in 2010 when the economy recovers and gains traction.

Current CD Rates at Banks 

The average three-month certificate of deposit rate decreased to 0.725 percent this week, down from the prior week’s average rate of 0.738 percent. EverBank is offering a special promotional three-month certificate that currently has annual percentage rate of 1.25 percent.

Six-month certificate of deposits are averaging 1.018 percent this week, down from the previous week’s average CD rate of 1.034 percent. EverBank is also offering a promo six-month CD rate which currently yields 1.65 percent, a good rate since the national average is just above 1.00 percent.

One-year certificate of deposit rates are averaging 1.308 percent this week, last week’s average CD rate for a 12-month CD was 1.324 percent. Ally Bank is offering one of the best CD rates for a 12-month CD, the annual percentage yield is currently at 2.05 percent.

Best CD Rates

Longer term certificates are not that much higher than short term rates. Currently the average rate on a two-year certificate of deposit is at 1.709 percent this week, down from the prior week’s average CD rate of 1.719 percent. E-Loan is offering an annual percentage yield of 2.47 percent for a 24-month certificate of deposit.

Three-year certificate of deposit rates are averaging 1.990 percent this week, down from last week’s average CD rate of 1.997 percent. Discover Bank is offering one of the highest CD rates for a 36-month CD, the annual percentage yield is currently at 2.75 percent.

The average certificate of deposit rate for a four-year certificate is currently at 2.207 percent this week, down from last week’s average CD rate of 2.217 percent. Intervest National Bank is offering an annual percentage yield of 3.20 percent for a 48-month certificate of deposit.

Woohoo!!! Five-year certificate of deposit rates increased to 2.457 percent, from 2.458 percent the prior week, another 100 years and we will start getting a decent rate again. Pentagon Federal Credit Union is offering an annual percentage yield of 3.51 percent for a 60-month certificate.

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