The best certificate of deposit rates available nationally remained in a tight range for the week ending May 15 and mostly followed the direction of similar interest bearing securities. The average on short term, six month and one year CD, rates dipped down marginally while the longer term CD rates increased more notably to end the week.
The average for the top ten six month CD rates decreased slightly for the week from 2.12% to 2.10%. The one year CD rates increased by the smallest of measurements from 2.56% to 2.57%. The best two year CD rates remained unchanged at 2.75%. The average on the top ten five year CD rates increased the most to settle at 3.59%, an increase of six basis points. These CD rates are for the top ten best CD rates available nationally, either through online delivery or at the bank branches.
The change in CD rates parallels the changes in other low risk, interest bearing securities for the week. The increase in the long term rates matched the activity for long term rates in the US 10 year Treasuries that have started to rise in recent weeks and ended the week up four basis points. Short term Treasuries barely moved with the two year Treasury up one basis point and the three month Treasury unchanged. The three month LIBOR rate managed to move down as well to 0.83%.
The best CD rates, whether short term or long term, remain on the state level with a number of local and regional banks surpassing the best national rates by appreciable margins. The spread between the top national rate and the local rates is narrowing some regions making the national CD rates are good starting point to compare the best CD rates available.
