Modest Changes in CD Rate Averages This Week Even As Most Banks Continue To Cut Rates

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

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.

About the banks

 

Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.

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Charles Schwab Bank

Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors.

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Rainier Pacific Bank

Rainier Pacific is a Washington-based bank with branches and ATMs throughout Washington state (Pierce and South King Counties, Federal Way, Fife, Gig Harbor, Lakewood, Puyallup, Spanaway, Tacoma, Twin Lakes).

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