Last week’s Jackson Hole, Wyoming, meeting with FED chairman Ben Bernanke appeared to have little effect (at least so far) on short term CD rates. While still at historically low levels, we’re pleased to see that they didn’t dip even further with both 6 month and 12 month CD rates remaining consistent with their levels from the previous week.
Below are the national averages for 6 month to 3 year CD rates for the last week of August (2011):
(These averages are calculated based on deposits available nationwide. Small community banks and credit unions may not be included in these figures.)
6 month CDs currently averaging 0.53% APY (last week’s average sat at roughly 0.54% APY)
* highest 6 month CD rate coming from Aurora Bank with an APY of 1.03% requiring a $1,000 minimum deposit. Almost twice the national average!
12 month CDs currently averaging 0.85% APY (last week’s average sat at roughly 0.84% APY)
* highest 12 month CD rate coming from AloStar Bank of Commerce with an APY of 1.27% requiring a $1,000 minimum deposit.
3 year CDs currently averaging 1.23% APY (last week’s average sat at roughly 1.26% APY)
* highest 3 year CD rate coming from Aurora Bank with an APY of 1.64% requiring a $1,000 minimum deposit.
If you’re strictly after the best annual percentage yields, you’ll want to cross reference the interest rates above with CD rates available at credit unions and local community banks in your area. Credit unions are not-for-profit institutions which can occasionally offer better rates than national banking institutions. Credit Unions, however, come with membership requirements and are frequently exclusive. You may need to work for a selected employer or live in a certain county to join.