Current CD rates have fluctuated in a narrow range for some time now.  CD rates are so low the certificate of deposit yield curve is almost flat. There is hope for the future, economists believe the economy will return to growth in the fourth quarter of 2009.

When the economy gets back to expanding again, employment will pick up and the Federal Reserve will shift monetary policy from stimulating the economy to a tightening mode by raising interest rates to keep inflation in check. When the Fed raises interest rates banks will follow by raising rates on deposit accounts like savings accounts and certificate of deposits.

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CD Rates

Current average 12 month CD rates are down to 1.294 percent this week, down from the prior week’s average rate of 1.308 percent. Shorter term certificates were also down, the average 3 month CD rate decreased to 0.716 percent this week, a decline from 0.725 percent last week. 6 month CD rates are at 1.007 percent this week, down from last week’s average rate of 1.018 percent.

Longer term certificate of deposit rates were also down this week over last week. Five year CD rates are averaging 2.453 percent this week, down from the prior week’s average rate of 2.457 percent. Four year CD rates are down to 2.216 percent, down from the previous week’s average CD rate of 2.207 percent.

Three year certificate of deposit rates were down to 1.985 percent, down from last week’s average rate of 1.999 percent. Two year CD rates are averaging 1.702 percent this week, down from the prior week’s average CD rate of 1.709 percent. 18 month CD rates are down to 1.434 percent this week, down from the previous week’s average rate of 1.447 percent.

Looking for CD Rates? Compare a list of rates from banks in your zip code. MonitorBankRates.com has a listing of CD rates that are a lot higher than the national average rates listed above.

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