Here's a look at the state of CD rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Jan. 20, 2010.
CDsYields: 0.77 percent (1-year CD yield); 2.06 percent (5-year CD yield)
CD rates highlighted in this report moved in lock step this week -- down 1 basis point across the board.
The average yield for one-year CDs, as surveyed by Bankrate.com, is 0.77 percent; the average yield for five-year CDs fell to 2.06 percent. On the jumbo side, the one-year average stands at 0.83 percent, while the five-year clocked in at 2.12 percent.
Just for a bit of contrast, a one-year Treasury is yielding 0.33 percent, and the yield on a five-year is 2.48 percent. Considering that Treasuries are exempt from state and local taxes, the five-year is certainly a better deal than the average yield reflected above for five-year CDs. However, if you'll confine your CD search to the high-yield variety, you'll find many banks offering 3 percent or better on five-year CDs.
Money market accounts held steady at 0.24 percent for the second week.
Check Bankrate's high-yield CDs and high-yield money market account tables for some of the best returns available nationwide.
All deposit products listed with Bankrate are FDIC-insured.
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-- Laura Bruce