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Average Bank CD Rates and Best CD Rates at Banks November 15, 2012

Average bank CD rates this week are stable, no big moves in average CD rates. The best rates on our 12 month list did move a little higher this week. Average 12 month rates are at 0.73 percent this week and the new best CD rate on our 12 month certificate of deposit rate is from able Banking at 1.10 percent with an APY of 1.12 percent.

Able Banking's new 1 year rate is actually tied with Alostar Bank of Commerce's rate but the difference is in the APY. Able Banking's APY is 1.12 percent and Alostar Bank's is at 1.11 percent. Nonetheless both rates are almost 40 basis points higher than the national average. These rates are even higher than this week's FDIC's national average 12 month rate of 0.25 percent and average 12 month jumbo CD rate of 0.26 percent.

Average 3 month bank CD rates in this week's survey from Bankrate are at 0.25 percent. The FDIC's average 3 month rate this week is even lower at 0.10 percent. The highest CD rates on our 3 month rate list are more than two times Bankrate's average and more than 6 times the FDIC average. The highest rate on our 3 month rate list is from at 0.65 percent with an APY of 0.65 percent.

Moving onto 6 month CD interest rates we see Bankrate's average this week is at 0.47 percent while the FDIC average is at 0.16 percent. The best CD bank rates on our 6 month list are much higher at 0.91 percent from Doral Bank. We also have many other banks offering 6 month rates well above the average including Ally Bank at 0.74 percent.

Average 2 year CD rates are at 0.92 percent in Bankrate's survey and the FDIC survey is at 0.40 percent. The best CD rates on our 2 year certificate of deposit rate list are at 1.24 percent with an APY of 1.25 percent. Two banks, CIT Bank and Barclays Bank are offering 2 year rates at 1.24 percent.

Average 5 year rates are not doing much better than the shortest term rates. The FDIC average 5 year CD rate is at 0.88 percent this week and Bankrate's average 5 year rate is at 1.40 percent. The highest 5 year rate on our list is from CIT Bank at 1.78 percent with an APY of 1.80 percent.

You can compare the best rates by using our CD rate tables below:
Author: Jason P. Jones
November 15th, 2012