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2012 Year End List of the Best CD Rates
 

2012 Year End List of the Best CD Rates

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As 2012 comes to an end and we mark a fourth year of dismal CD rates with no end in sight to these low rates until 2015. CD rates at banks and credit unions will stay low until 2015 thanks to the Federal Reserve keeping the Fed funds rate at zero percent until then. To help you find the best CD rates on certificate of deposit we have compiled list of the highest CD rates on certificate of deposit terms of 3 months, 6 months and 12 months.

Staying in shorter term bank CD rates is wisest since CD interest rates are low and the CD yield curve is flat and if rates increase prior to 2015 you're in a position to take advantage of an increase in rates. If you invest in longer term certificates of deposit right now when rates do increase you have to either wait until these longer term certificates of deposit mature or cash in your account early and incur an early withdrawal penalty.

The highest CD rates on our 3 month certificates of deposit rate list on New Years Eve are at 0.65 percent. The bank offering 3 month rates at this level is E-loan.com. If you're money has been locked in a long term certificate of deposit that will expire a 3 month rate of 0.65 percent might be shocking to you.

E-Loan's 3 month CD rate is actually more than 8 times the FDIC national average rate of 0.08 percent for the week ending December 31, 2012. Think 3 month jumbo CD rates in the FDIC rate survey are better? Well, the current FDIC jumbo CD rate on 3 month certificates of deposit is also averaging 0.08 percent.

Other banks on our 3 month rate list that are offering rates well above the FDIC average include EverBank at 0.56 percent, Virtual Bank's 3 month rate is at 0.50 percent, Alostar Bank's 3 month rate is at 0.45 percent and OneWest Bank's rate is also at 0.45 percent.

Moving onto the best 6 month CD rates, we find the best CD rate on our list is at 0.90 percent from Doral Bank. The FDIC national average 6 month rate for the week that ended on December 31 is at 0.15 percent, less than one sixth Doral Bank's rate. Other top CD rates on 6 month certificates of deposit include Giantbank.com at 0.80 percent, Colorado Federal Savings Bank also at 0.80 percent. Ascencia at 0.78 percent and Alostar Bank at 0.76 percent.

The highest CD rates on 1 year certificates of deposit right now on our rate list are at 1.04 percent with an APY of 1.05 percent. The current FDIC average 12 month rate for December 31 is at 0.23 percent. Four banks on our rate list are offering a rate of 1.04 percent for a 12 month certificate of deposit. CIT Bank, Sallie Mae Bank, ableBanking and Colorado Federal Savings Bank. Feel free to search our rate lists at anytime for the best interest rates.

Author: Monica Harris
December 31st, 2012