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1 Year Certificate of Deposit (CD) Rates: Best 1 Year Rates More Than 4 Times Average Rates

1 Year Certificate of Deposit (CD) Rates: Best 1 Year Rates More Than 4 Times Average Rates

As we head into the last week of January, 2013, average 12 month CD rates remained unchanged at 0.23 percent and the best CD rates on 12 month certificates of deposit remain unchanged at 1.04 percent. Both average rates and the highest CD rates are expected to hover around current levels for the rest of 2013.

The only way certificate of deposit rates move higher in 2013 is if the economy gains momentum and the growth rate is higher than 3.00 percent. Higher economic GDP will lower the unemployment rate and cause inflation to move higher, this in turn will force the Federal Open Market Committee (FOMC) to increase the Fed funds rate and discount rate. Once these rates move higher bank CD rates will move higher as well.

The best 1 year CD rate on our list belongs to Colorado Federal Savings Bank and GE Capital Retail Bank at 1.04 percent with an APY of 1.05 percent. Colorado FSB and GE Capital Retail Bank shared the top rate with three other banks but those banks lowered their 1 year rates, only GE Capital Retail Bank and Colorado FSB remain at the top.

The second highest CD rate on our 1 year certificate of deposit rate list is from the online lender Eloan.com. Current 1 year CD rates at E-Loan are at 1.02 percent with an APY of 1.02 percent. The third best rate on our 12 month list is from three different banks, ablebanking, Discover Bank and OneWest Bank FSB are all offering rates at 1.00 percent with an APY of 1.00 percent.

Below is a list of the top 1 year CD rates at banks this week:

  1. GE Capital Retail Bank Rates 1.04% APY 1.05%

  2. Colorado FSB Rates 1.04% APY 1.05%

  3. E-Loan.com Rates 1.02% APY 1.02%

  4. Discover Bank Rates 1.00% APY 1.00%

  5. ablebanking Rates 1.00% APY 1.00%

  6. OneWest Bank FSB Rates 1.00% APY 1.00%

  7. Doral Bank Rates 0.98% APY 0.98%

  8. Ally Bank Rates 0.97% APY 0.97%

  9. California First National Bank Rates 0.95% APY 0.95%

  10. Barclays Bank Rates 0.90% APY 0.90%

As you can see the top CD rates from these 10 banks are all many times the current FDIC national average 12 month rate of 0.23 percent. All of the bank listed above and all the banks listed on our rate tables are FDIC insured banks. You can search for the best bank CD rates for all types of CD terms on our rate tables.

Author: James Martin
January 25th, 2013