This week CD yield averages for 3 month, 6 month and 12 month CDs have hit yet another record low. And it does not get much better for the longer term accounts.
Bankrate’s weekly survey of large banks and thrifts taken Oct. 7 found the average annual yield for a:
3-month CD fell to 0.41% from 0.43%. That’s the lowest average since the survey began tracking 3-month CD rates in March 1989.
6-month CD fell to 0.61% from 0.62% — the lowest average since the survey began tracking 6-month CD rates in January 1984.
1-year CD fell to 0.93% from 0.95% — the lowest average since the survey began tracking 12-month CD rates in October 1983.
2-year CD fell to 1.43% from 1.46% — the lowest average rate since August 2003.
5-year CD fell to 2.23% from 2.25%. That’s still slightly above the 2.15% reached in July, which was lowest average rate since the survey began tracking 60-month CDs in January 1984.
Do not let the doom and gloom of the averages stop you from checking out our Best CD Rates available nationwide. There are still some excellent CD rates.