Top CD Rates August 6, 2013
While we are seeing some banks and credit unions increase longer term CD rates, shorter term CD rates haven't moved at all this week. The increases have been small in long term CD interest rates and nothing like the increase in long-term bond yields the past few months. Bond yields of 5 years and longer moved higher recently with the largest increases coming in bond terms of 10 years or longer.
The best CD rates on 5 year certificates of deposit this week are still above 2.00 percent. In fact, we have another bank who recently increased their 5 year rates above 2.00 percent. iGOBanking and EverBank are the two banks offering 5 year rates above 2.00 percent on Monitor Bank Rates, which is considerably higher than the average 5 year CD rate of 1.34 percent.
Best 5 Year CD Rates
As you can see, the 5 banks offering the best CD rates on 5 year certificates of deposit are all offering rates well above the average rate as reported here at Monitor Bank Rates. These rates are also well above the FDIC average rate this week of a paltry 0.74 percent.
Moving onto the highest CD rates for 4 year certificates of deposit, we see the highest rate is from also from EverBank at 1.60 percent with an APY of 1.61 percent. The current average 4 year CD rate in the FDIC's National Rate and Rate Cap survey this week is at 0.57 percent.
Highest CD Rates 4 Year CDs
3 year CD rates have also been stable the past several months, no big moves in rates banks are offering. The highest 3 year rate in our database this week is from Intervest National Bank at 1.39 percent with an APY of 1.40 percent. This rate is more than 3 times the FDIC's current national average this week of 0.45 percent.
Best CD Rates 3 Year CDs
The highest CD rates on 2 year certificates of deposit are also many times the FDIC average and higher than the 2 year rate average reported by Monitor Bank Rates. The highest 2 year rate this week is from two banks at 1.14 percent with an APY of 1.15 percent. The average 2 year rate reported by us this week is at 0.84 percent and the average 2 year rate reported by the FDIC is at 0.33 percent.
Top CD Rates 2 Year CDs
Average 1 year CD rates reported by us are at 0.67 percent this week and the average 1 year CD rate in the FDIC's survey this week is one third of that at 0.20 percent. The best CD rates in our database for 1 year certificates of deposit are much higher at 1.04 percent with an APY of 1.05 percent. The bank offering that rate and yield is GE Capital Retail Bank.
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