Economic reports released Thursday show that key sectors in the US economy are still trying to find their way back from the downturn that started more than a year ago, and that the economic recovery that everyone has hoped for is at best, still in its initial, tentative stages.

Despite a stronger showing in the previous two months, sales for US retailers surprisingly dropped in December, indicating that consumers’ wallets may not have opened as wide as analysts had forecast. And as the unemployment rate remains at a near 26-year high of 10%, the US Labor Department also discloses that there has been an increase in applications for first-time jobless benefits last week.

Still, other than the latest disappointing results in consumer spending and unemployment, another major letdown this week is the continued drop in CD rates, with little indication that they’ll be bouncing back any time soon.

CD Rate Averages

6-month and 24-month CDs

Average rates for 6-month and 24-month CDs both fell by two basis points. For the 6-month term, CD rates slid further away from the 1.00-mark with last week’s 0.85% dropping to 0.83% as of today. Two-year CDs at the same time, went from 1.61% to 1.59%.

12-, 36-, and 48-month CDs

Yields for 1-year, 2-year, and 4-year terms saw bigger drops this week, as all three average CD rates went down by three basis points. From 1.16%, 1.96%, and 2.29% last week, the averages are now at 1.13%, 1.93%, and 2.26% respectively.

60-month CDs

The only silver lining in this week’s CD rates report is found in the 5-year CD rates average which increased by three basis points, inching up from 2.55% to 2.58%. But then again, this country’s savers would not really be keen on having to wait that long just to get decent CD yields.

Bank Rate Hikes and Cuts

This week’s CD rate changes were made up mostly of yield cuts and not enough rate hikes.

The steepest rate drops came from Flagstar Direct, which has been sporadically raising and dropping its rates for the past couple of weeks now, Chase Bank, and Capital One. On the other hand, the few rate hikes seen this week were offered by UFB Direct and Onewest Bank, Fsb.

If you want to know whether your bank has raised or lowered its CD rates this week, visit our comprehensive database of CD rates available.

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  • Anna Elizabeth McPherson

    Awful, awful, awful! A bank experience that makes you ask yourself, “How do they get away with this!?” I live in Denver Colorado and have had my account with TCF Bank for SEVERAL years. I will be closing my account very first thing Monday morning. That is, if they ever find my last deposit. I deposited my paycheck on Friday evening like I always do. Should be noted here as well that TCF Bank rejected my employers direct deposit request with NO explanation. It was NOT my employers bank’s issue either. And NO ONE was willing to look into this issue for me. It was “SORRY”. So, I deposit my check. Check my bank account online this morning. NO record of a deposit. None. Not even pending. Now, every other time I have deposited my paycheck, it is available the next Saturday. But don’t expect anyone in any department at this bank to be able to give you a solid answer on when your funds are available. They simply don’t know. So, I call the toll free number to find my deposit. No record of a deposit made. At all. Not pending. Not there. They call the branch. The teller “made a scanning mistake” with my two checks. They will not be put in my account until Monday. Which means then, according to the first person I spoke with, they won’t even be available till Wednesday. 5 ENTIRE DAYS AFTER I HAVE MADE MY DEPOSIT, WHICH IS STILL MISSING!!!! No one could help me. They could put some kind of “credit” in my account (how does that happen!?) but it would simply come back out Monday morning. What is the point? Where is my money? I’m told “there are things that happen behind the scenes” which means then that my deposit is what, floating mysteriously through their system, but doesn’t show up as pending in my account? Why then when I make a deposit on a Saturday or even a Sunday does it show up as pending in my online account? I know what’s going to happen. The money may or may not show up on Monday and I will bounce my rent check resulting in over $200.00 in fees. So, I still sit here with no record that I deposited two checks in MY BANK ACCOUNT! Do not let these people touch one cent of your money. I am a single woman with a pretty small account, just think about trusting them with your savings! Don’t don’t don’t get an account here EVER!