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CD Rates May 11: Average Rates on Certificates of Deposit Mixed This Week

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Average CD rates are stable this week no big swings in average rates. The current national average 12 month rate as reported by is at 0.574%. There are banks offering CD rates higher than the national averages. Right now on our 12 month rate table Discover Bank is offering 12 month rates more than double the current average. Discover's current 12 month bank CD rates are at 1.19% with an APY of 1.20%.

CD rates are low right now but rates are going higher sometime late this year or early in 2012. Current GDP growth is moderate and core inflation (which excludes food and energy prices) is low. Rates will start increasing when the economy expands at a quicker pace and inflation picks up.

One thing that can send interest rates higher in a hurry is if the nation's debt ceiling isn't increased. There is also talk in the news that the Treasury Department could sell its gold reserves to raise addition revenue if the debt limit is reached. The Treasury is sitting on 261 million ounces of gold and with gold selling at over $1,500 an ounce the Treasury could raise about $400 billion.

Neither of these scenarios are likely to play out so you can expect deposit rates and current mortgage rates to stay relatively low for the next several months.

Rates on shorter term certificates of deposit are slightly lower this week over last. The current national average 3 month CD rate is at 0.257%, down from last week's average rate of 0.258%. Right now on our 3 month rate table is offering 3 month rates and yields at 0.60%.

The average 6 month CD interest rate is at 0.395%, down from last week's average of 0.40%. On our 6 month CD rate table Ally Bank is offering rates at 0.94% and Discover is offering rates at 0.90%.

CD Rates | Average Rate May 11, 2011

  • 3 Month Rates - 0.257%

  • 6 Month Rates - 0.395%

  • 12 Month Rates - 0.574%

  • 18 Month Rates - 0.746%

  • 24 Month Rates - 0.898%

  • 36 Month Rates - 1.278%

  • 48 Month Rates - 1.516%

  • 60 Month Rates - 1.776%

MonitorBankRates can help you find the best rates available. We have loan rate tables for mortgage loans, auto loans and credit cards. We also have deposit rate tables for certificates of deposit, savings accounts and checking accounts.
Author: Brian McKay
May 11th, 2011