The best six month CD rates available nationally dropped again this week with the average yield now down to at 2.05%. Six month CD rates have been on a rather deep downward trend since the start of the year. For national bank CD rates, savers aren’t getting much of return at this time. The decreased in rates is as much a result of stability in the financial sector as it is a reduction of interest rates as a whole. The six month Treasury has moved with some wild swings in the yield over the past five months, however the six month Treasury ended the week at the roughly the same yield, 0.30%,from where it started in 2009. The three month Eurodollar deposit rate on the other hand, started the year at 1.81% and now stands at 1.25% a sign of credibility in the credit markets.
The best six month CD rate continues to be promoted by Corus Bank in Chicago at 2.20%. The lowest rate in this term category is also unchanged at 1.93% and remains to be the product of Imperial Capital Bank headquartered in La Jolla, California. Changes in the six month CD rates from the prior week start just below the top bank rate at Corus. Nexity Bank has reduced their six month CD rate from 2.16%, which was the second highest rate last week, to 2.12% placing it as the third highest six month CD rate. La Jolla Bank now has the second best six month CD with an interest rate at 2.15%. Ally Bank is unchanged at 2.10% followed by Ascencia at 2.03% and four banks offering rates at 2.00%.
Many local and regional banks are providing a far better opportunity for this term of certificate of deposit. Banks in Florida, Texas, California and other states have several six month CDs that surpass the best national rates. In some regions the rate differential can be significant. Six month CD rates in Georgia are available that are 30 basis points or 30/100 of a percent higher than the best national rates. In Michigan rates can be found that are 10 basis points higher. With dismally low rates of return, comparing national bank rates and local rates is essential in order to obtain the best CD rate.
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