bank rates

CD Rates Drop To Record Lows In May

CD Rates Reach Record Lows In MayThe average return for four of the six most-popular certificates of deposit are at record lows this spring with no relief in sight for long-suffering savers.

The only bright spot, if you can call it that, is for 5-year CD rates.

The average return on those long-term CDs is 1.71% APY, which is considerably higher than the record low rate of 1.50% APY reached in December.

That’s just off the average highest average return we’ve seen so far this year — 1.72% in back in February.

It’s all downhill from there.

Bankrate’s weekly survey of major thrifts shows the average annual percentage yield for:

Three-year CDs has fallen to 1.04%, as low as it has been during 2011 and just above the record low of 1.03% set in December.

Two-year CDs has fallen to 0.71%, the lowest it’s been since the survey began tracking this rate in March 1989.

One-year CDs has fallen to 0.45%, the lowest it’s been since the survey began tracking this rate in October 1983.

Six-month CDs has fallen to 0.27%, the lowest it’s been since the survey began tracking this rate in October 1983.

Three-month CDs has fallen to 0.18%, the lowest it’s been since the survey began tracking this rate in March 1989.

You can search Bankaholic’s database of the best CD rates from dozens of banks to find the most lucrative nationally available deals.

Our CD calculator will help you figure out the interest you’ll earn, for any term, amount and interest rate.

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  1. Dave said:
    on May 12th at 07:22 am

    For a man who spends his entire day screwing middle class savers and shoving his head up the a$$ of Wall Street Bankers and Hedge Fund owners, Ben Bernanke has a limited amount of time to do his own personal shopping.
    So I would like to encourage all Bankaholic readers to send Ben a tube of KY Jelly and thank him for his continued efforts to debase our currency and plunder our Treasury. Ben’s work address can be found on the Federal Reserve website.