After rising three basis points last week, the average for the top 10 one year CD rates offered nationally retreated two basis points. The average of the best one year CD rates closed the week at 2.58%. The top bank rates were little changed with GMAC Bank retaining the top CD rate with a one year CD that yields 2.75%. Corus Bank’s one year CD rate also stayed constant at 2.74%. State Bank of India follows with a one year CD that earns an interest rate of 2.63%. The remaining banks on the list include UmbrellaBank.com, Nexity Bank, UFB Direct, State Farm Bank, Amboy Bank and Ascencia. The number 10 spot s held by Imperial Capital Bank based in California with a one year CD that has an interest rate of 2.45%. Imperial Capital has six bank branches in California, two in Nevada and lone bank branch in Maryland.
As investors continue adjusting to certificate of deposit rates at what appears to be rather unappealing levels, more funds are flowing into the shorter one year and two year CD terms awaiting a signal of upward interest rate movements. Unfortunately signals for the direction of future interest rates remain elusive. For now, choosing the best CD rates has gravitated towards the state and regional banks as the best CD rates nationally have become less competitive.
The post One Year CD Rates Update Week Ending April 24, 2009 appeared first on SelectCDRates.com - The Leading Industry Tool to Help You Select and Compare the Best 6 Month, 1 Year, 2 Year, and 5 Year CD Rates, Find rates by individual states, Money Market Account Rates, Savings Account Rates, Money Market Fund Rates, and Tax Exempt Fund Rates.