Here's a look at the state of CD rates from Bankrate.com's weekly national survey of large banks and thrifts conducted April 21, 2010.
CDsYields: 0.71 percent (1-year CD yield); 2.14 percent (5-year CD yield)
CD rates have not moved a lot since last week's rate survey. The changes that have taken place could be referred to as nearly imperceptible, and also in the wrong direction.
The average yield on a one-year CD is down 1 basis point to 0.71 percent. The yield on the average five-year CD is unchanged at 2.14 percent for the third week in a row.
On the jumbo end, the average one-year CD yield is down 1 basis point to 0.76 percent. The yield on the average five-year jumbo CD remains at 2.13 percent.
Money market account yields are up, however. The average yield on money market accounts this week is up 1 basis point to 0.23 percent.
Last week the FDIC issued a press release announcing a proposed change to the way the agency evaluates the risk of large institutions. Also included in the proposal were possible changes to the fees charged for insuring deposits. Less risky banks would pay less, while riskier institutions would pay more.
In the press release, FDIC Chairman Sheila Bair said, "If we had used the proposed system during pre-crisis periods, it would have predicted the current rank ordering of large institutions much better than the system used now. The proposed system is fairer and less pro-cyclical because it charges for risk when it is assumed, and it provides incentives for institutions to avoid excessive risk during economic expansions."
For some of the best returns available across the country, check Bankrate's high-yield CDs and high-yield money market account tables.
All deposit products listed with Bankrate are FDIC-insured.
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-- Sheyna Steiner