Best CD Rates May 6, 2013: Top Rates Hold Steady as Long Term U.S. Treasuries Yields Decline
The best CD rates for May 6, 2013 remain unchanged over last month's top CD rates as long term U.S. Treasury yields declined this past month. Treasury yields were lower the past month on several economic reports that came in less than analysts expected. The biggest surprises were a disappointing manufacturing report and a weak consumer sentiment report. Treasury yields increased early in May on a stronger than expected employment report.
The best 12 month certificate of deposit rate in our database are from GE Capital Retail Bank at 1.04 percent with an APY of 1.05 percent. GE Capital Retail Bank CD rates are many times the national average rate in this week's FDIC rate survey. In the survey for the week ending May 6, 2013, the national average 12 month CD rate is at 0.21 percent, about one fifth of GE Bank's rate.
Long term CD rates at banks are not much higher than short term rates and haven't been for years now. The national average 5 year CD rate in the FDIC survey this week is at 0.75 percent, only 54 basis points higher than the national average 1 year rate. Average 5 year bank CD rates are also unchanged in the FDIC survey this week.
The best 5 year CD rates in our database are more than double the national average. Three banks in our database are offering 5 year CD rates at 1.59 percent with an APY of 1.60 percent. Nationwide Bank, First Internet Bank of Indiana and Bank of Internet USA are all offering that rate and yield. We also have about a dozen other banks that are offering 5 year rates well above the national average.
The national average 3 month CD rate this week is at 0.09 percent, unchanged from last week's average rate. The highest 3 month CD rates in our rate tables are more than five times the national average. The bank offering the highest rate right now is EverBank at 0.46 percent. We also have AloStar Bank of Commerce offering 3 month rates at 0.45 percent, exactly 5 times the national average.
Current national average 6 month CD interest rates are at 0.13 percent this week, unchanged from last week's average rate. The best rate on 6 month certificates of deposit right now is from Doral Direct. The online banking division of Doral Bank is offering 6 month CD rates at 0.88 percent with an APY of 0.88 percent. Doral Direct's 6 month rate is only 16 basis points below the highest 12 month rate this week.
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