CD Rates Remain Relatively Unchanged as Fiscal Cliff Nears

CD Rates this week remain relatively unchanged as we move closer and closer to the fiscal cliff. The equities markets are starting to get a little jittery as the debt talks move very slowly. On Sunday, Christine Lagarde, the head of the International Monetary Fund, warned that U.S. growth will fall to zero percent in 2013 if no deal is made on the fiscal cliff. Both stock prices and Bond yields are slightly lower this morning.

Current average bank CD rates this week on 1 year certificates of deposit are unchanged at 0.74 percent in Bankrate's national average rate survey. The FDIC's weekly rate survey for the week ending December 3, has 12 month CD rates at banks averaging 0.25 percent, unchanged from the prior week's survey. A new survey is due out today but average CD rates on 1 year certificates of deposit will probably be unchanged at 0.25 percent.



The best CD rates on 12 month certificates of deposit on our rate list are from ableBanking. Current ableBanking rates are at 1.11 percent with an APY of 1.12 percent. ableBanking now has the highest CD rates right now on our 12 month list. Last week the title belonged on AloStar Bank which now has the second best CD interest rate on our rate list at 1.10 percent with an APY of 1.11 percent.

Best CD Rates 1 Year Certificates of Deposit

• ableBanking Rates 1.11% APY 1.12%


• AloStar Bank of Commerce Rates 1.10% APY 1.11%


• Sallie Mae Bank Rates 1.04% APY 1.05%


• CIT Bank Rates 1.04% APY 1.05%


• Colorado FSB Rates  1.05% APY 1.06%


• Met Life Bank CD Rates 1.04% APY 1.05%


• Ally Bank Rates 1.03% APY 1.04%

2 year CD bank rates this week are averaging 0.95 percent in bankrate's national rate survey, unchanged from last week's average 2 year rate. The current average 2 year rate in the FDIC survey this week is at 0.40 percent, also unchanged from the prior week's average rate.

The best CD interest rates on our 24 month certificate of deposit rate list is from NexBank SSB. Current NexBank CD rates are at 1.29percent with an APY of 1.30 percent. AloStar Bank is also in second place on our 2 year rate list. Current AloStar Bank 2 year rates are at 1.24 percent with an APY of 1.25 percent.

Best CD Rates 2 Year Certificates of Deposit

• NexBank SSB Rates 1.29% APY 1.30%


• Alostar Bank Rates 1.25% APY 1.26%


• Barclays Bank Rates 1.24% APY 1.25%


• CIT Bank Rates 1.19% APY 1.20%


• Able Banking Rates 1.18% APY 1.19%


• Virtual Bank Rates 1.15% APY 1.16%


• Doral Bank Rates 1.14% APY 1.15%


• Discover Bank Rates 1.14% APY 1.15%


• Ally Bank Rates 1.13% APY 1.14%

Moving onto the average 5 year CD rates we find bankrate's national average this week is at 1.40 percent, up 1 basis point from last week's average of 1.39 percent. 5 year CD rates in the FDIC average this week are at 0.86 percent, down 1 basis point from the prior week's average of 0.87 percent.

The highest 5 year CD rates on our rate list are well above the average rates. The highest rate right now on our list is from Nationwide Bank and CIT Bank at 1.78 percent with an APY of 1.80 percent. The second best 5 year rate is from three different banks at 1.69 percent with an APY of 1.70 percent. Discover Bank, Barclays Bank and E-Loan.com are all tied with the second best 5 year rate.

Best CD Rates 5 Year Certificates of Deposit

• Nationwide Bank Rates 1.78% APY 1.80%


• CIT Bank Rates 1.78% APY 1.80%


• Discover Bank Rates 1.69% APY 1.70%


• Barclays Bank Rates 1.69% APY 1.70%


• E-Loan CD Rates 1.69% APY 1.70%


• TAB Bank Rates 1.64% APY 1.65%


• Ally Bank Rates 1.60% APY 1.61%


• Doral Bank Rates 1.60% APY 1.61%


• Intervest National Bank Rates 1.60% APY 1.61%