National CD rates for July 22, 2010

Interest Rate Roundup
CD rate graph


  • 0.68% (1-year CD yields)
  • 1.98% (5-year CD yields)

Here's a look at the state of CD rates from's weekly national survey of large banks and thrifts conducted July 21, 2010.

CD rates slipped again in the weekly survey of banks and thrifts around the country.

The average one-year CD yield remains 0.68 percent for the third week in a row. Down 1 basis point, the average five-year CD yield is 1.98 percent.

On the jumbo end, the average yield on a one-year CD is still 0.72 percent, while the five-year yield is down 1 basis point to 1.96 percent.

The typical money market account yield is 0.21 percent for the fifth week in a row.

As everyone most likely knows by now, automatic overdraft protection for debit cards and ATM withdrawals will no longer exist after Aug. 15.

Naturally, banks are concerned about the lost fee revenue, but an industry consulting firm has an interesting idea about how they can mitigate the loss, reports the July issue of U.S. Banker. A new study from Moebs Services Inc. found that there are 19 million consumers who use payday loans. If banks were to lower overdraft fees, they could tap into that market of people who need short-term loans every so often.

According to the story in U.S. Banker, about 70 percent of overdrafts are on amounts less than $100. The average $100 payday loan costs $17.97 for a two-week loan. The average overdraft for the same amount is $27.01.

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.

-- Sheyna Steiner




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