As the economy has continued to flounder and the only solution has been government stimulus, most economists were looking for bank rates to eventually move higher due to higher inflation rates. The Federal Reserve's most recent meeting has made it clear they are in no hurry to boost interest rates. More over, with the continued lack of job growth and low inflation in the short term, higher rates are appearing to be a less likely outcome.
Bank CD rates may very well remain low on the short term maturities for quite some time. One year CD rates took those cues and did in fact continue to push lower.
The weekly survey of the best one year CD rates performed by SelectCDrates.com displayed the lower CD yield results for the week ending July 3, 2009.
The average of the best one year CD rates was lower by one basis point or 1/100 of a percent to end the week at 2.26%. The highest one year CD rate is was unaffected at 2.35%. Amboy Bank offers this rate on their one year CD with a minimum deposit of $10,000.00. FirstFedDirect, which leads the best six month CD rate category, falls into second place for this term CD with a one year CD that yields 2.30%. The third highest bank rate comes from State Bank of India with a one year CD at 2.27%. AIG Bank and NewDominion Bank share the next spot with one year CDs that earn a rate of 2.26%. Four banks offer CD rates at 2.25% including; Ally Bank, One West Bank, Excel National Bank and The Palladian Private Bank. The top best one year CD rates winds up with Ascencia Bank’s promotion of 2.20% on their certificate.
SelectCDrates.com is the leading industry tool for selecting the best CD rates. In addition to publishing the weekly tables on the best bank CD rates nationally and by state, selectcdrates.com provides current financial content on bank rates and savings rates. To view the results from Selectcdrates.com tables visit http://www.selectcdrates.com. SelectRates Media, the publisher of selectcdrates.com also publishes http://www.bestcreditcardrates.com and http://findlocalmortgagerates.com.
