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Best CD Rates May 30, 2014: Highest 1 Year Bank CD Rates at 1.10%

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Average 1 year bank CD rates are slightly higher this week at 0.90 percent, up from last week's average 1 year CD rate of 0.89 percent. The best 1 year CD rates remain unchanged this week at 1.09 percent with an APY of 1.10 percent. A handful of banks have been upping their short term and long term rates recently, which is welcome news.

Don't get too excited about any increases because they will be minimal until the Federal Reserve increases the fed funds rate. A surprisingly weak 1st quarter GDP report was released yesterday. The Bureau of Economic Analysis showed that growth had contracted by 1 percent. This disappointing number was mainly due to the hard, cold winter.

Normally, there would be great concern for CD rates moving higher when 1st quarter GDP was so weak but analysts expect the economy to rebound sharply for the rest of 2014. Some analysts believe 2nd quarter GDP will come in as high as 4.00 percent but the general consensus is for a number above 3.00 percent.

Growth for the 2nd half of 2014 is also expected to be above 3.00 percent, which will set the stage for higher CD rates sometime in 2015. Therefore, we recommend staying invested in shorter term certificates of deposit to take advantage of higher rates when they do arrive. Listed below are best CD rates on short term certificates of deposit for May 30, 2014.

Best CD Interest Rates May 30, 2014

3 Month CD Rates

  • EverBank 0.45%

  • AloStar Bank of Commerce 0.45%

  • Virtual Bank 0.40%

  • Barclays Bank 0.35%

  • Discover Bank 0.35%

  • First Internet Bank of Indiana 0.35%

  • Ally Bank 0.30%

6 Month CD Rates

  • Zions Direct 1.00%

  • Doral Direct 0.87%

  • AloStar Bank of Commerce 0.75%

  • GE Capital Retail Bank 0.70%

  • First Internet Bank of Indiana 0.70%

  • EH National 0.70%

  • My e-BAnC 0.70%

12 Month CD Rates

  • GE Capital Retail Bank 1.09% APY 1.10%

  • EverBank 1.09% APY 1.10%

  • Virtual Bank Rates 1.06% APY 1.07%

  • My e-BAnC 1.05% APY 1.06%

  • GE Capital Retail Bank Optimizer Plus 1.04% APY 1.05%

  • California First National Bank 1.04% APY 1.04%

  • Silvergate Bank 1.01% APY 1.01%

  • Colorado Federal Savings Bank 1.00% APY 1.00%

  • Home Savings Bank 1.00% APY 1.00%

  • Salem Five Bank 1.00% APY 1.00%

  • The Palladian Private Bank 1.00% APY 1.00%

  • AloStar Bank of Commerce 0.99% APY 1.00%

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Author: Brian McKay
May 30th, 2014