bank rates

5-Year CD Rates Set Miserly Record

This fall we thought long-term CD rates might be bottoming out.

After the average return on 5-year certificates of deposit reached a record low of 2.15% APY in July, it rebounded over the next few months, reaching a high of 2.26% APY in September.

The average return on 60-month CDs plunged to a new low of 2.08% APY this week, joining two of the four other rates we track in setting new records for miserliness.But this week that rate plunged to a new low of 2.08% APY, joining two of the four other rates we track in setting new standards for miserliness.

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

3-month CD held at 0.38% for the second week. That’s the lowest average since the survey began tracking 3-month CD rates in March 1989.

6-month CD fell to 0.52% from 0.53% — the lowest average since the survey began tracking 6-month CD rates in January 1984.

1-year CD held at 0.83% for the second week — the lowest average since the survey began tracking 12-month CD rates in October 1983.

2-year CD fell to 1.28% from 1.29% — the lowest average since the survey began tracking 24-month CD rates in March 1989.

5-year CD fell to 2.08% from 2.17% — the 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 database of CD rates to find and compare the best deals from scores of banks.

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