Two Year CD Rates from SelectCDrates.com for June 5, 2009

June 8, 2009 - PRLog -- SelectRates Media through their web site www.selectCDrates.com today released the results of its two year CD rates for the week ending June 5, 2009.  

Certificate of deposit rates for certificates with a two year term had their largest drop in one week so far this year.  This considerable drop in the average of the top two year CD rates matches reductions seen in other CD terms but the average rates for the two year CDs does not tell the whole picture.  The average of the top ten highest two year CD rates fell to 2.67% from 2.74% the previous week.  The best two year CD rate, however, increaseed by two basis points or 2/100 of a percent to 2.87% for the week.

The best two year CD rate is available at Tennessee Commerce Bank at 2.887%.  The next best two year CD rate comes from State Bank of India with an interest rate of 2.84%, which is an increase of six basis points from the bank’s two year CD rate in the prior week.  The third highest CD rate can be found at Discover Bank with an interest rate of 2.80% which is also an increase from the previous offer by Discover previously stood at 2.75%.  Notable rate reductions came from Ally Bank which reduced its two year CD rate from 2.75% to 2.55%.  UFB Direct placed in third position last week and has fallen off of the top ten best CD rates this week altogether.

The lowest bank rate on this week’s list fell to 2.50%.  The difference between the highest and lowest CD rate in the two year term now stands at 37 basis points.  This spread is measurably wider than last week’s 25 basis point difference.  This is a clear indication of the turmoil and volatility in bank CD rates.  The rate reductions for the averages fly smack against the direction of rates in the rest of the credit markets which spent the week on the rise and look to continue into the second week of June.

SelectCDrates.com is the leading industry tool for selecting the best CD rates.  SelectCDrates.com provides bank rate data on banks locally and nationally to help consumers quickly find the best rates to fit their needs.  SelectCDrates.com achieves the goal of publishing the best rate information by searching for the highest bank rates with web crawlers, telephone surveys and local market research.  SelectCDrates.com staff provides current statistics on economics news that impacts the bank and credit markets as well as in depth articles on bank products and services.  To view all the bank CD rates and articles visit http://www.selectcdrates.com.

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SelectRates Media, Inc. of Naperville Illinois owns and operates http://www.selectCDrates.com. along with http://www.selectcalculators.com, http://www.selectautorates.com and http://www.bestcreditcardrates.com.