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Highest CD Rates November 2013: Top 6 Month CD Rates at 1.00%

While short term U.S. Treasury rates soared and then dropped due to the budget/debt ceiling talks last month, the highest CD rates remained stable. CD rates and all types of bank deposit rates won't increase until the federal funds rate is increased, which won't happen until the second or third quarter of 2014.

CD Rates Going Higher in 2014

Below we have listed the best CD rates on short term certificates of deposit because we recommend staying invested in shorter term CD accounts since CD rates are moving higher and you want to have funds free to take advantage of rising rates. The Federal Reserve Open Market Committee (FOMC) has voted to keep the federal funds rate near zero percent to help the economy expand after the worst recession since the Great Depression.

The FOMC has stated they plan to keep the federal funds rate at the current level of near zero percent until the unemployment rate falls below 6.5 percent. The unemployment rate fell to 7.2 percent in the most recent report released last month. October's report is scheduled to be released this Friday.

Because of the Federal Government shutdown, we won't see a decrease in the October report. Despite the setback, the rate will probably fall below 6.5 percent sometime in late spring or early summer of 2014. Once the federal funds rate is increased, CD rates will move higher as well.  Look for bank CD rates to move higher sometime in the summer of 2014 and move higher throughout 2014. By the beginning of 2015, we could see 1 year CD rates in the 2 percent to 3 percent range. Stay invested in shorter term CD accounts now so you can get higher rates in 2014.

Highest Short Term CD rates November 2013

Below is a quick rundown of the highest short term CD rates at banks. The rates listed were taken from our rate tables on November 4, 2013.

Highest 3 month CD Rates

  • AloStar Bank of Commerce 0.45%

  • VirtualBank 0.40%

  • Barclays Bank 0.35%

  • Discover Bank o.35%

  • EH National Bank 0.35%

  • EverBank 0.35%

  • First Internet Bank of Indiana 0.35%

  • Ally Bank 0.30%

  • E-Loan 0.30%

  • USAA 0.30%

Highest 6 Month CD Rates

  • Doral Direct 0.87%

  • EH National Bank 0.85%

  • AloStar Bank of Commerce 0.75%

  • Ascencia, a div. of PBI Bank 0.75%

  • Colorado Federal Savings Bank 070%

  • 0.70%

  • Discover Bank 0.65%

  • My e-BAnC by BAC Florida Bank 0.65%

  • VirtualBank 0.65%

  • Ally Bank 0.61%

Highest 1 Year CD Rates

  • GE Capital Retail Bank 1.04% APY 1.05%

  • Colorado Federal Savings Bank 1.00% APY 1.00%

  • The Palladian PrivateBank 1.00% APY 1.00%

  • AloStar Bank of Commerce 0.99% APY 1.00%

  • E-LOAN 0.99% APY 0.99%

  • Ally Bank 0.98% APY 0.98%

  • Doral Direct 0.95% APY 0.95%

  • EH National Bank 0.95% APY 0.95%

  • My e-BAnC by BAC Florida Bank 0.95% APY 0.95%

  • 0.95% APY 0.95%

Author: Brian McKay
November 4th, 2013