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CD Rates: June 15 2009

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cd-rates-june-15-2009CD rates continued to decline this past week. Average CD rates were down on all certificate of deposit terms. Unlike the recent relentless rise in U.S. Treasury prices that are driving mortgage rates higher CD rates haven't followed the upturn, not yet anyway.

When the economic outlook improves and the threat of inflation becomes a reality, the Federal Reserve will raise interest rates and that will drive CD rates higher. Average CD rates are low these days but you can find CD rates at banks higher than the nation average rates.



Search for the best CD rates in your zip code here: CD Rates

Average CD Rates:

12 month CD rates are averaging 1.37 percent this week, down from last week's average rate of 1.39 percent. Ally Bank is still offering some of the best CD rates for a 12 month CD, currently their rate is 2.32 percent, which an APY of 2.35 percent. One of the highest CD rates available these days for a 12 month CD.

Shorter term average CD rates also declined this past week. The average rate for a 6 month CD is currently 1.09 percent, down from the average rate of 1.10 percent the prior week.  Higher 6 month bank CD rates can be found. AIG Bank and Giant bank are offering some of the top CD rates for 6 month CDs, currently AIG Bank's 6 month CD has a rate of 1.86 percent and Giant Bank's 6 month rate is 1.91 percent.

The average rate for a 3 month certificate of deposit this week is 0.78 percent, down from last week's average rate of 0.80 percent. East Bank is offering one of the highest CD rates for a 3 month CD, their rate is currently at 1.60 percent.

Longer term certificate of deposit rates barely moved this past week. 5 year certificate of deposit rates were up fractionally at 2.468 percent, up from the prior week's average CD rate of 2.485 percent. First Republic Bank is offering one of the best CD rates for a 5 year CD, their rate is currently at 3.75 percent.

4 year certificate of deposit rates are averaging 2.224 percent, unchanged from the prior week's average rate. Discover Bank CD rates are very competitive these days, their 4 year CD rate is currently 3.25 percent.

The average rate for 3 year certificate of deposits this week is 2.00 percent, down from last week's average of 2.01 percent. I remember last year when some banks were offering 1 year CD rates in the four to five percent range.  AIG Bank is offering one of the highest CD rates for a 3 year CD, their rate is currently 2.96 percent.

24 month certificate of deposit rates are averaging 1.74 percent this week, down from last week's average CD rate of 1.75 percent. Tennesse Commerce Bank is offering one of the best CD rates for a 24 month CD, their rate is currently 2.87 percent.

The average rate for a 18 month certificate of deposit is 1.51 percent this week, down from last week's average CD rate of 1.52 percent. Nationwide Bank is offering one of the best bank CD rates available on a 18 month CD, their rate is currently 2.25 percent.

Search for certificate of deposit rates in your zip code. MonitorBankRates.com offers a free bank CD rate search tool you can access here. CD Rate Search Tool
 
Author: Brian McKay
June 15th, 2009