Below you could fund a summary of the best CD rates for different maturities as of 11/24/2008. You could find the period of the offering, as well as the rate and minimum deposit required by the bank selling the Certificate of Deposit.
The average interest on those CD's is 4.34% APY. In order for savers to get a higher rate of return on their money, they have to stretch their time horizons further away into the future. Overall the Best CD rates have plateaued, and could stop falling, despite the fact that the FED is cutting interest rates. The reason for that is that banks are competing for deposits, as they struggle in the current liquidity meltown.
This article was featured on Carnival of Personal Finance, Cyber Monday 2008 Edition
Monday, November 24, 2008
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