Best CD Rates This Week April 30, 2013

The best CD rates for the week ending April 30, 2013, are stable while the national average CD rates declined. This month the Federal Reserve Open Market Committee released minutes from their latest meeting which showed no surprises concerning their monetary policy on interest rates. The FOMC plans to continue down the path of keeping their key interest rate, the fed funds rate, near zero percent.

As a result of a low fed funds rate, interest rates on all deposit accounts will also remain where they currently are for the foreseeable future. Current CD rates at banks for 1 year certificates of deposit averaged 0.66 percent, a decline from last week's average 1 year CD rate of 0.68 percent. The FDIC national average rate for 1 year certificates of deposit for the week ending April 29, 2013, are even less at 0.21 percent.

Of course, the rates listed are national average rates and you can find banks offering rates much higher than the averages. This week's highest CD rates on our 1 year certificate of deposit rate table are from GE Capital Retail Bank at 1.04 percent with an APY of 1.05 percent. GE Capital Retail Bank's current rate is almost 40 basis points higher than the national average rate as reported on MonitorBankRates.com and almost five times the average rate reported by the FDIC.

Current 2 year national average bank CD rates are at 0.83 percent this week, down from last week's average rate of 0.87 percent. The FDIC's national average 2 year rate this week is at 0.34 percent, unchanged from last week's average rate. The best CD bank rates right now on our 2 year CD rate table are higher than the averages.

The bank offering the highest 2 year rate on our list this week is from CIT Bank at 1.19 percent with an APY of 1.20 percent, more than the average reported by MBR and more than three times the FDIC average rate. We also have many other bank rates listed on 2 year CD accounts that are more than three times the FDIC average.

The national average 5 year rate reported by MBR is at 1.26 percent this week, down from last week's average 5 year rate of 1.30 percent. The FDIC national average 5 year rate this week is at 0.75 percent, unchanged from last week's average 5 year rate. The best 5 year rates in our database this week are much higher from Nationwide Bank at 1.69 percent with an APY of 1.70 percent.