CD Rates: Current CD Rates July 08, 2009

CD rates were down this past week, reversing last week’s increase in longer term certificate of deposit rates. The decline in rates was marginal. Deposit rates are not expected to increase until later this year or early next year when the recession ends and the Fed starts raising rates.

Current CD Rates

Average rates for a 3 month certificate of deposit declined to 0.749 percent, down from the prior week’s average rate of 0.765 percent. First Federal Bank of California is offering one of the best CD rates for a 3 month CD. Their rate is currently at 1.60 percent. The minimum CD account balance to receive this rate is $25,000. You also have to be a residents of California.

The average CD rate for a 6 month certificate of deposit is down to 1.051 percent this week, the average rate last week was 1.068 percent. You can get higher CD rates than the national average. UFB Direct and Affinity Bank are offering 6 month CD rates at 1.90 percent.

Best CD Rates

One year CD rates are at 1.331 percent this week, down from the previous week’s average rate of 1.348 percent. Ally Bank CD rates are a lot higher than the national average, currently their one year CD has an annual percentage yield of 2.25 percent.

The average certificate of deposit rate on a two year CD is at 1.728 percent this week, down from last week’s average rate of 1.751 percent. E-Loan is offering some of the best CD rates at banks these days, the rate on E-loan’s two year CD this week is at 2.47 percent.

Average rates on three year certificate of deposits are at 2.009 percent this week, a decrease in last week’s average three year CD rate of 2.016 percent. Discover Bank and Liberty Bank are currently offering three year CD rates of 3.00 percent.

Four year certificate of deposit rates fell to 2.228 percent this week, down from the prior week’s average CD rate of 2.231 percent. Intervest National Bank is offering one of the best CD rates around today, their four year CD rate is currently at 3.55 percent.

The average rate on a five year CD isn’t much higher than a four year CD, currently five year CD rates are at 2.465 percent, down from last week’s average rate of 2.469 percent. Tennessee Commerce Bank is offering a five year CD rate of 3.65 percent.

Looking for the best CD rate for your cash? You can find the best CD rates in your area by searching our CD rate tables for current CD rates in your zip code.

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