Post Election CD Rates, Average Rates Remain the Same While Best Rates Move Higher

Now that the election is over we can all get back to investing and saving. Oops, wait a minute, we have that "fiscal cliff" problem on the horizon. Once the fiscal cliff issues are resolved many economists feel the economy will start booming. Let's hope they are right for a number of reasons including forcing interest rates higher.

Speaking of higher interest rates and including higher CD rates, we have already seen a few banks increase their CD rates this week, which is nice to see. The best CD rates on our 12 month certificate of deposit rate list used to be at 1.11 percent but now we have a new best rate of 1.12 percent. I look forward to the days of reporting on rates moving 25 or even 50 basis points higher at once.

The best rates have moved 1 basis point higher but the average bank CD rates remained the same, which I guess is positive, at least average rates didn't move any lower this week. In the Weekly Rates and Rate Caps released by the Federal Deposit Insurance Corporations (FDIC) average 1 year CD rates at banks are at 0.25 percent.

The new best rate on our 12 month certificate of deposit rate list is from at 1.11 percent with an APY of 1.12 percent. Able banking moved up to the top of the list by increasing their rate by 1o basis points which increased the APY 12 basis points. The second best 1 year rate on our list is still from Alostar Bank of Commerce at 1.10 percent with an APY of 1.11 percent.

Here is a quick list of the highest CD rates on 12 month certificates of deposit this week:

Highest 12 month CD Rates

    1. AbleBanking 1.10% APY 1.12%
    2. Alostar Bank of Commerce 1.10% APY 1.11%
    3. CIT Bank 1.09% APY 1.10%
    4. Bank of Internet 1.09% APY 1.10%
    5. California First National Bank 1.05% APY 1.06%
    6. NexBank 1.05% APY 1.05%
    7. Ally Bank 1.04% APY 1.05%
    8. Sallie Mae Bank 1.04% APY 1.05%
    9. Colorado Federal Savings Bank 1.04% APY 1.05%
    10. MetLife Bank 1.04% APY 1.05%

As for getting the fiscal cliff problems resolved we can all do our part by contacting our Congressional representatives and let them know you voted for them to get things done!

Author: Lisa Graham
November 13th, 2012

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