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Average CD Rates and Best CD Rates This Week

This week didn't bring any real changes in average CD rates or the best CD rates available. Current 12 month bank CD rates are averaging 0.71 percent which is higher from the previous week's average of 0.69 percent. As long as the economy is trudging along and the Fed keeps interest rates at record lows there won't be any big moves in average CD rates higher or lower.

The top 12 month CD rate on our list was at 1.15 percent APY a week ago but the top bank, Doral Bank, lowered their 12 month CD bank rate to 1.09 percent with an APY of 1.10 percent.



Another bank offering the highest CD rate on our 12 month list is CIT Bank. The bank's 12 month Achiever CD rate is also at 1.09 percent with an APY of 1.10 percent.

Average 2 year CD rates declined 3 basis points to 0.91 percent this week, down from last week's average 2 year CD rate of 0.94 percent. The highest CD rates at banks on our 2 year rate list is at 1.24 percent with an APY of 1.25 percent.

Two bank, CIT Bank and Astoria Federal Savings Bank are both offering 24 month CD rates at 1.24 percent with an APY of 1.25 percent. CIT Bank's 24 month rate is also on their Achiever certificate of deposit which has a minimum opening deposit of $25k.

Average 5 year CD rates at banks are higher this week at 1.50 percent, an increase from last week's average 5 year bank CD rate of 1.48 percent. Of course you can find 5 year CD rates better than the averages on our rate list.

The best CD rates on 5 year certificates of deposit on our list are as follows. CIT Bank CD rates on 5 year CDs are at 1.83 percent with an APY of 1.85 percent. Third Federal Savings and Loan CD rates on 5 year CDs are at 1.73 percent with an APY of 1.75 percent.

Other 5 year rates topping our list include Discover Bank CD rates and IGOBanking CD rates at 1.73 percent with an APY of 1.75 percent.

You can search for and find the best CD interest rates on many different CD terms by searching our rate lists:
 
Author: Lisa Graham
July 25th, 2012