This week saw few changes in CD rates, with averages going either up or down by a few basis points, but in general, remaining at rock-bottom levels. While some banks did make a few adjustments to their CD rates, it was mostly to cut their interest rates rather than increase them.
Of the banks that My Bank Tracker monitors, there were a few banks which upped their yields within the period July 5 to 9, 2009 but these were limited to the following:
CD Rates changes Jun 5-9, 2009
| Bank | Term | Last Rate | New Rate | Change |
|---|---|---|---|---|
| Charles Schwab Bank | 4 Month CD | 0.30% | 0.35% | +0.05% |
| Rainier Pacific Bank | 9 Month CD | 1.15% | 2.00% | +0.75 |
| Wells Fargo | 18 Month CD | 1.65% | 2.00% | +0.35% |
| 25 Month CD | 2.15% | 2.40% | +0.25% | |
| Chase | 24 Month CD | 2.00% | 2.25% | +0.25% |
| 48 Month CD | 2.25% | 2.75% | +0.50% |
Most notable of the banks that made CD rate increases is Rainier Pacific Bank which more than doubled its 9-month CD from an APY of 1.15% last week to 2.0% this week.
As for CD rate drops, many of the previous weeks’ banks with the highest CD rates trimmed a few basis points off their CD interest offerings, with rate cuts ranging from as low as 0.01% to 0.25%, and across both short and long term CDs. Worth mentioning of these rate declines is Intervest National Bank, which held the top CD rates for 36-month and 48-month CDs last week but has now decreased its yields from the 6-month term down to the 60-month CD rates.
Taking these movements in consideration, this is how this week’s CD rate averages here at My Bank Tracker ended up.
9-month CDs
Showed the most significant activity, increasing by 6 basis points from 1.40% last week to 1.43% this week, primarily because of Rainier Pacific Bank’s rate boost by +0.75%.
12-month, 24-month, and 36-month CD rate averages all went down by a single basis point to 1.56%, 1.86% and 2.16% respectively.
Long-term CDs — 48-month and 60-month CD averages — on the other hand, saw minor increases, climbing upwards by one basis point each to 2.47% and 2.73% respectively.
Check out our latest CD rates here.
