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:
|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.
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.