Higher Average CD Rates this Week as Banks Increase Rates
For the first time in a long time, average short term and long term certificate of deposit rates are higher. Average rates are moving higher because banks and credit unions are finally increasing their rates. While the average increase was small this week, either 1 or 2 basis points, CD rates will continue to move higher in the coming months and years.
Average 1 year CD rates are now at 0.97%, up 2 basis points this week. Average 2 year CD rates are now at 1.17%, also up 2 basis points this week. 5 year CD rates are currently averaging 1.76%, up from 1.75% last week. This past week we have seen new highs for 1 year, 2 year, 3 year and 5 year CD rates. This is good news for investors and retirees who rely on interest income from certificates of deposit.
Listed below are the highest CD rates for both short term and long term certificates of deposit:
Best Rates Available
Check on current CD rates by searching our rate tables here: Best CD Rates