The Best Two Year CD Rates June 26, 2009 from SelectCDrates.com

June 29, 2009 - PRLog -- Two year CD rates continued to lose ground this past week.  The average for the best two year CD rates slipped two basis points dropping to 2.50% for the week ending June 26, 2009.  While the average rate was down only marginally, the best two year CD rate was down by 22 basis points to 2.65%.  

The best two year CD rate available nationally this week is a CD rate promoted at two banks.  Discover Bank as well as Tennessee Commerce Bank offer two year CDs with yields of 2.65%.  Two more banks compete for the second best bank rate at 2.50%.  Intervest National Bank, based in New York and La Jolla Bank, based in California offer two year CD rates at 2.50%.  E-Loan falls into third position with a two year CD rate at 2.47%.  The remaining five banks on the top ten list for two year CD rates have interest rates between 2.40% and 2.46%.

Four banks on the top ten list reduced their rates for the week while six remained steady.  None of the banks that had the highest two year CD rates in the previous week increased their rates during the week.

As this year moves on, the differences between local CD rates and the national rates is widening.  A number of local banks are dropping the rates on mid term CD rates along with the national rates but the competition within the local and regional markets continues to bring out promotional offers that are more frequently surpassing the rates on the national level.  

SelectCDrates.com is the leading industry tool for selecting the best CD rates, savings rates and money market account 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. Sister sites include http://www.bestcreditcardrates.com and http://findlocalmortgagerates.com.

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