September 7th, 2009

Best CD Rates For The Week Starting Sept. 07

With CD rates falling to an all-time low last week, we thought nothing could possibly get worse. But it turns out there was more to come. First, 5 banks went into FDIC receivership last Friday (Sept. 4), bringing the total number of bank failures to 89. Secondly, not only did national averages of CD rates drop to record lows, some of the best CD rates around fell too.

Still, with the Fed giving us little hope that deposit interest rates are going up soon, this week’s top CD rates, plus a few special CD deals nationally available, are worth checking out, and perhaps putting your money in:

6-month CDs

With Wilshire State Bank making some of the biggest rate cuts this week, the best rate for 6-month CDs took the hardest fall, dropping by 0.20%, from Wilshire Bank’s 1.96% top CD rate last week to Ascencia’s 1.76% APY this week. On the positive note, Ascencia only requires a minimum of $500 so even if the rate is considerably lower, more savers may be able to invest in this one.

12-month CDs

Again as Wilshire eases out of the picture with its recent rate drops, Umbrellabank.com, tops the 12-month CDs. The rate though stays at 2.15% APY. If OneWest’s minimum deposit of $5,000 may be too steep for potential bank depositors, both HSBC Direct and Ally Bank have a competitive alternative for 1-year CDs, offering 2.00% APY with only minimum deposits of $10 and $0 respectively.

24-month CDs

E-Loan stays first on the 24-month CD rate offering, even while it maintains the 2.37% APY yield for its 2-year CDs. Close seconds worth mentioning are the 2-year CDs of Ally Bank and newdominionDIRECT, both giving a yield of 2.35% APY.

36-month CDs, 48-month CDs and 60-month CDS

For the long-term CDs, no changes took place. Of the banks being monitored by My Bank Tracker, only Ascencia remains within the 3 percent-mark for 3-year CDs, Though barely holding on, it has maintained its 3.00% APY for more than four weeks now. Intervest National Bank also retains its 3.20% APY for 4-year CDs while E-Loan and OneWest Bank offer the same highest CD rate for 5-year CDs which is an APY of 3.40%.

For updates in the CD offerings available in your bank and in the country’s top banks, always check out our latest news and CD rates page.

About the banks

Ascencia

Ascencia is an Internet bank headquartered in Louisville, KY. Opened for business in February 1999 and have become one of the most successful online banks in the industry.

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UmbrellaBank.com

UmbrellaBank.com is the Internet banking division of New South Federal Savings Bank. New South Federal is a member of the Collateral Family of Companies, which has been in the financial services industry since 1933. UmbrellaBank.com offers a wide range of banking products to meet all of your financial needs. Our products are available with online access so you can do your banking when it is convenient for you, 24 hours a day, 7 days a week.

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USAA Federal Savings Bank

Established in 1983, USAA Federal Savings Bank (FSB) and its two subsidiaries, USAA Savings Bank and USAA Relocation Services Inc., (the "Bank") provide a full range of financial products and services to the military community worldwide. The mutual insurance company serves more than 6 million member customers, primarily military personnel, military retirees, and their families.