The best two year certificate of deposit rates fell moderately for the week ending June 4, 2010. The average rate for the top ten best two year bank CDs fell by two basis points or 2/100 of a percent based on the survey of bank rates performed by Selectcdrates.com. The average interest rate dipped down to 1.99% at the close of the week, down from 2.01% in the prior week.
The best two year CD rate available nationally made it through the week unscathed. The highest two year CD rate remained at 2.05% and can be found at Tennessee Commerce Bank. The next best two year certificate falls five basis points back at 2.00%. A 2.00% two year CD is available at a number of banks. The American Express CD with a two year term is at 2.00% as is the Seacoast Commerce Bank CD, Acacia Federal Savings Bank CD, Bank of Internet CD as well as the two year CD from Ultima Bank Minnesota.
Following these five banks, three banks offer two year CD interest rates three basis points lower. Aurora Bank CD, Shore Bank CD and NewDominion Bank CD all yield 1.97%. The final bank on the list of the top ten highest two year CDs is NOVA Bank which earns a rate of 1.95%.
Even with just a two basis points drop in the average rate for the top ten best two year CDs week over week, four banks reduced their rates from the previous bank. NewDominion Bank, One West Bank, AIG Bank and Excel national Bank all dropped their rate paid on their two year term CDs. AIG Bank, Excel and One West all fell off this week’s list due to their rate reductions. Aurora Bank, Shore Bank and NOVA Bank replaced these banks, not due to rate increases but due to the lower threshold of the list dropping by four basis points from the preceding week.
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