Top One Year CD Rates – February 9, 2010

The average 12 month CD rate was up this week over last week. In fact, all certificate of deposit terms were higher with the exception of 6 month CD rates. A nice change of pace since CD rates have been heading down for over a year now.

The Federal Open Market Committee (FOMC) recently decided to keep the Fed funds rate in a targeted range of zero percent to one quarter percent which we expected. That being said, we were surprised to see CD rates higher in this week's CD rates report.

Looking for CD Rates? Find the best CD rates here. Best CD Rates.

The FOMC will meet again in mid March, late April and late June. We believe the Fed will start raising the Fed funds rate by the June meeting although that could change if the economic recovery is slower than expected.

The current average 12 month certificate of deposit rate is 1.076  percent this week, up from the previous week's average 12 month CD rate of 1.008 percent. Here is a list of the top CD rates in Newark, New Jersey above and below the national average rate:

CD Rates Above the Average Rate

UFB Direct  1.81% APY Min $8000    

Bay Ridge Federal Credit Union  1.75% APY Min $500    

Tennessee Commerce Bank  1.70% APY Min $2500    

Discover Bank  1.70% APY Min $2500    

Giantbank.com  1.66% APY Min $2500     

Ally Bank 1.65% APY Min $ 1   

EverBank 1.60% APY Min $1500  

AIG Bank  1.60% APY Min $2500    

Hudson City Savings Bank  1.55% APY Min $500     

Boiling Springs Savings Bank  1.55% APY Min $1000     

ING DIRECT  1.50% APY Min $ 1   

American Express Bank FSB  1.50% APY Min $ 0     

Nationwide Bank  1.50% APY Min $10,000     

Bogota Savings Bank  1.50% APY Min $1000      

Kearney Federal Savings Bank  1.50% APY Min $500    

Manasquan Saving Bank  1.50% APY Min $500   

Bank of Internet USA  1.40% APY Min $1000    

Haven Savings Bank  1.40% APY Min $100    

Oritani Savings  1.40% APY Min $1000     

Allstate Bank  1.30% APY Min $1000    

PenFed  1.25% APY Min $1000 1.25% APY Min $1000     

First Internet Bank of IN  1.25 APY Min $1000    

HSBC Direct  1.25% APY Min $1000 1.25% APY Min $1000     

Investors Savings Bank  1.25% APY Min $500      

Columbia Bank  1.25% APY Min $500 1.25% APY Min $500     

Community Bank of Bergen County  1.21% APY Min $1000    

BankDirect  1.11% APY Min $10,000     

CD Rates Below the Average Rate

Ameriprise Bank FSB  1.05% APY Min $2500    

E-LOAN.com  1.00% APY Min $10,000     

Citibank  0.95% APY Min $10000      

Valley National Bank  0.80% APY Min $500      

NVE Savings Bank  0.70% APY Min $1000      

Bank of America  0.65% APY Min $10,000     

PNC Bank  0.60% APY Min $1000     

Sovereign Bank  0.55% APY Min $10,000

Capital One  0.50% APY Min $5000      

Bank of America  0.40% APY Min $10,000     

Wachovia Bank  0.40% APY Min $10,000      

Zions Bank  0.30% APY Min $1000      

Chase  0.20% APY Min $10,000      

Chase  0.20% APY Min $10,000      

E*TRADE Bank  0.10% APY Min $1000

Find the highest bank CD rates here. Highest Bank CD Rates