CD Rates This Week: Not a Lot of Black Friday Deals from Banks

Black Friday officially kicks off the holiday shopping season and on this day, incredible deals, mall-wide sales, and huge discounts are available for just about every conceivable item out there from toys to HD TVs, socks to gadgets. At the same time, retail stores are looking to end the year with leaner inventories and are trying to lure consumers who, for the most part of this year, have kept their wallets shut tight, to snap up the best items that they have to offer.

But while consumers everywhere are busy with finding the deals that would save them the most money, they are also waiting for banks to give the best rates for the depositors’ highest savings, as retailers are doing.

We’ve featured the ING Direct Black Friday Special, but did other banks also join the Black Friday frenzy to offer consumers the best CD rates? Our CD rate averages table shows us the clear picture:

6-month to 36-month CDs

It looks like consumers will have to contend with the savings they get from marked-down items this week. CD rate averages for 6-, 12-, 24-, and 36-month terms all inched down by a single basis point each. This means that there were more banks which made rate cuts than those that hiked up their CD rates.

48-month and 60-month CDs

The news was slightly better for 48-month and 60-month CDs. The 4-year CD rate average for this week was maintained at 2.37% APY, while 5-year CD rates ticked upwards by one basis point, from 2.63% to 2.64%.

Bank Rate Cuts and Hikes

Even as this week officially ushers in the season of giving, a number of banks lowered their CD rates, with the biggest rate cuts coming from HSBC Direct, Citibank, and Capital One Direct Banking. On the other hand, UFB Direct made substantial increases to its 12-month, 24-month, and 60-month CDs.

For an updated list of the best CD rates in your area, check out our comprehensive database of CD rates available.