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Average CD Rates Hold Steady this Week Despite Negative Unemployment Report

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Average CD rates held steady this week as long term bond yields declined on a negative unemployment report for March. Average 12 month CD rates are at 0.63 percent this week, unchanged from last week's average CD rate. The best CD rates on our rate list also remained unchanged this week at 1.04 percent with an APY of 1.05 percent. 10 year bond yields fell from last week's high of 1.86 percent down to 1.68 percent Friday afternoon.

The Unemployment Report released last Friday showed non-farm payrolls only increasing by 88,000 jobs in March, which is much lower than the prior two months' job numbers which were revised higher. The change in total non-farm payroll employment for January was revised from +119,000 to +148,000, and the change for February was revised from +236,000 to +268,000. The March number of 88,000 jobs will probably be revised higher as well in next month's report.



Short term CD rates also remained unchanged this week. Average 3 month bank CD rates this week are at 0.21 percent, unchanged from last week's average 3 month rate. The highest CD rates on 3 month certificates of deposit are at 0.46 percent, unchanged from last week's highest rate. Average 6 month CD rates are at 0.34 percent, no change from last week. The best 6 month CD rates available also are unchanged at 0.88 percent.

Average 2 year bank CD rates fell to 0.64 percent this week, down from last week's average 2 year rate of 0.65 percent. While average 2 year rates fell one basis point, the highest CD rates available on 2 year CDs remain unchanged. The highest 2 year rates on our rate list this week are at 1.15 percent with an APY of 1.16 percent, unchanged from last week's rate.

5 year CD interest rates were actually higher this week over last.  The average 5 year CD rate is at 1.25 percent, up from last week's average 5 year rate of 1.21 percent. The best 5 year rates on our rate table this week are from Nationwide Bank at 1.69 percent with an APY of 1.70 percent. Just a few years ago, the highest 6 month rates were just below 2.00 percent. Now you have to invest in a 10 year certificate of deposit from Discover Bank to earn a rate of 1.98 percent with an APY of 2.00 percent.

Below are lists of the highest certificate of deposit rates this week:

  • 1 Month Rate/APY Lone Star Bank 0.15%/0.15%

  • 3 Month Rate/APY Ever Bank 0.45%/ 0.45%

  • 6 Month Rate/APY Doral Direct 0.88%/0.88%

  • 12 Month Rate/APY GE Capital Retail Bank 1.04%/1.05%

  • 18 Month Rate/APY Salem Five 1.14%/1.15%

  • 24 Month Rate/APY Virtual Bank 1.15%/1.16%

  • 30 Month Rate/APY Discover Bank 1.09%/1.10%

  • 36 Month Rate/APY The National Republic Bank of Chicago 1.35%/1.36%

  • 48 Month Rate/APY Nationwide Bank 1.55%/1.56%

  • 60 Month Rate/APY The National Republic Bank of Chicago 1.85%/1.87%

 
Author: Jason P. Jones
April 9th, 2013