Last week the average of the best CD deals for the 9 sample periods in my survey declined significanlty to 4.10%, from 4.35% APY achieved last week. The table below includes the name of the bank, the APY and the minimum for opening the certificate of deposit.
Period Bank APY Minimum
1 Month UFBDirect.com 3.35% $8000
3 Months Nexity Bank 3.21% $1000
6 Months Nexity Bank 3.78% $1000
9 Months Stonebridge Bank 3.95% $500
12 Months GMAC Bank 4.1% $500
2 years GMAC Bank 4.25% $500
3 years Intervest Natl Bk 4.35% $2500
4 years Capital One Direct Banking 4.64% $5000
5 years Washington Mutual Bank 5.00% $1000
Average 4.10%
With the current deflationary environment where commodities and stock prices are falling rapidly, savers have nowhere else to go for safety but cash. Last week the government also sold 3 month bills yielding negative interest rates. Furthermore the Federal Reserve is expected to decrease its FED Funds Target rate on its next meeting.
Sunday, December 14, 2008
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5 comments:
Wamu's site list a 5% 5 year CD, not a 5.25%
I still got about 3 years before I can make my own bank account but thanks lol.
Anon,
Fixed it, thanks for your quikc reply!
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Thanks for the add, and keep up the great work!
Thanks,
Bankmode.com
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