bank rates

2-Year CD Rates Last To Hit Record Low

The average return on 24-month CDs fell to a record low of 1.34% APY this week.

In doing so, it became the last of the five CD rates we follow on a regular basis to set a new record for miserly returns since last summer.

In doing so, it became the last of the five CD rates we follow on a regular basis to set a new record for miserly returns since last summer.Indeed, the average rate on 1-year certificates of deposit also fell to a new low this week, and the rate on 3-month and 6-month CDs held steady at previously set record lows.

The previous record low for 2-year CDs was 1.36% APY in July 2003.

All in all, a sorry state of affairs for the nation’s savers.

Bankrate’s weekly survey of large banks and thrifts found the average annual yield for a:

3-month CD remained at 0.40% for the fourth week. That’s the lowest average since the survey began tracking 3-month CD rates in March 1989.

6-month CD remained at 0.56% for the second week — the lowest average since the survey began tracking 6-month CD rates in January 1984.

1-year CD fell to 0.88% from 0.89% the previous week — the lowest average since the survey began tracking 12-month CD rates in October 1983.

2-year CD fell to 1.34% from 1.39% the previous week — the lowest average since the survey began tracking 24-month CD rates in March 1989.

5-year CD fell to 2.19% from 2.20%. That’s only slightly above the 2.15% reached in July, which was lowest average rate since the survey began tracking 60-month CDs in January 1984.

With average rates like this you can’t settle for average returns.

Use our extensive database of CD rates to compare the best deals from scores of banks.

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