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Short Term CD Rates This Week: Best 1 Month CD Rates at 0.25%, Highest CD Rates on 3 Month CDs at 0.65%
 

Short Term CD Rates This Week: Best 1 Month CD Rates at 0.25%, Highest CD Rates on 3 Month CDs at 0.65%

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I just wrote an article about adjusting your portfolio during these uncertain economic times to preserve capital until the financial cliff that is heading our way is resolved by Washington. That being said I also have published our CD rates list for the highest CD rates on 1 month and 3 month certificates of deposit.

Now if you haven't search for bank CD rates or credit union CD rates in a number of years you  might be shocked by where the best CD rates are right now. Actually let me first start with the average CD rates that were published by the FDIC this past week which will give you a better understanding where rates are right now.

The current national average 3 month CD interest rate is at 0.10 percent this week. Yes, shocking I know, CD bank rates have plummeted since the financial crisis of 2007 and the recession that followed. The Federal Reserve has embarked on a very aggressive economic policy to drive interest rates to record lows. In fact, CD rates, savings account rates and mortgage rates have all hit record lows the past couple of years.

Longer term CD rates at banks are not much better. In this week's national average rate survey released by the FDIC current 60 month CD rates averaged 0.88 percent which is also shocking. The highest CD rates are better than the averages so it's not that bad. The highest CD bank rates on our rate list are at 1.78 percent with an APY of 1.80 percent. Though for the reasons I mention above I don't recommend investing in a 5 year certificate of deposit at this time.

Back to shorter term certificates of deposit, the current national average 30 day CD rate is at 0.07 percent. Thankfully the best CD rates on 30 day certificates of deposit are several times the average. The best rate on our 1 month rate list is more than 3 times the national average at 0.25 percent.

The best 3 month CD rates on our list are more than 6 times the the national average at 0.65 percent which makes the 3 month rate the best deal right now. If the financial cliff issue isn't resolved in 3 months you can always have your deposit rolled into a new 3 month certificate of deposit which will probably have the same rate as the current rate.

To make your search a little easier I have listed the best CD rates on both 1 month and 3 month certificates of deposit below:

Highest CD rates 30 Day Certificates of Deposit



  • Virtual Bank CD Rates 0.25% APY 0.25%

  • E-Loan.com CD rates 0.15% APY 0.15%

  • Alsostar Bank of Commerce CD Rates 0.10% APY 0.10%


Best CD rates 90 Day Certificates of Deposit



  • E-Loan CD Rates 0.65% APY 0.65%

  • EverBank CD Rates 0.57% APY 0.57%

  • Virtual Bank CD Rates 0.50% APY 0.50%

  • Alostar Bank of Commerce CD Rates 0.45% APY 0.45%

  • Ally Bank CD Rates 0.44% APY 0.44%


Author: Robert Till
November 8th, 2012