Two year bank certificates of deposit followed the lead of the short term CD rates and moved lower for the week ending January 8, 2010. The average rate for the top ten best two year CDs available nationally moved down to 2.24%.
The best two year CD rate closed out the week at 2.40%. The top rate continues to be promoted by Atlantic Coast Bank. The second best bank rate with a two year term falls ten basis points or 10/100 of a percent lower. La Jolla Bank offers a two year CD rate at 2.30%, falling behind the certificate of Atlantic Coast bank.
State Bank of India offers the third highest two year CD interest rate available nationally. State bank of India’s two year CD rate currently stands at 2.27%. Following this rate, two banks offer two year bank CD rates at 2.25%. H&R Block Bank and Colorado Federal Savings Bank market two year CDs that have interest rates set at 2.25%.
Running behind these two banks, two more banks offer two year CD rates at 2.21% which is the fifth highest bank rate for this term. NewDominion Bank and UFB Direct offer two year CDs yielding 2.21%. Just one basis point lower, Discover Bank and Nationwide Bank have two year CDs that have interest rates of 2.20%.
The last bank on the list of the top ten best two year CD rates is Ally Bank. Ally Bank joins the list with a two year CD delivering a rate of 2.15%.
The economy appears to be leveling off or perhaps picking up steam, in the mean time CD interest rates remain low as the economy enters the first quarter of 2010 and with Treasury rates still relatively low, an increase in rates this quarter does not look promising.
The biggest drawback for CDs during this time is locking up your investment for a long period of time when interest rates may very well break out of their down turn and head higher. The first step is to stay diversified holding more than one maturity and in doing so shop among the top national rates first and then compare the best rates in your local or state market to those rates.
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