bank rates

No Bottom In Sight For CD Rates

We watched and waited to see if CD rates would finally bottom out all summer. And then all fall.

Winter has arrived and the returns on certficiates of deposit continue to set new record lows week after week.Now winter has arrived and the returns on these popular investments continue to tumble to new record lows with no relief for savers in sight.

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

3-month CD fell to 0.38% from 0.40% the previous week. That’s the lowest average since the survey began tracking 3-month CD rates in March 1989.

6-month CD fell to 0.53% from 0.55% — the lowest average since the survey began tracking 6-month CD rates in January 1984.

1-year CD fell to 0.83% from 0.89% — the lowest average since the survey began tracking 12-month CD rates in October 1983.

2-year CD fell to 1.29% from 1.32% — the lowest average since the survey began tracking 24-month CD rates in March 1989.

5-year CD fell to 2.17% from 2.18%. 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 database of CD rates to find and compare the best deals from scores of banks.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (0)
1 Star2 Stars3 Stars4 Stars5 Stars (6 votes, average: 4.33 out of 5)
Loading...
No Existing Comments

Comments are closed.