National CD rates for July 8, 2010

Interest Rate Roundup
CD rate graph


  • 0.68% (1-year CD yields)
  • 2% (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 7, 2010.

Watching CD rates over the past year has been like observing a slow-motion train wreck. Just when you really thought it couldn't get worse, it does.

For instance, the average one-year CD yield is again down 1 basis point, to 0.68 percent, a new record low since Bankrate began tracking it in October 1983. The average five-year CD is still yielding 2 percent.

For a deposit of about $100,000, you can find a marginally better yield. The average one-year jumbo CD yield is 0.73 percent for the second week in a row. Also holding tight to last week’s rate, the five-year jumbo CD is still 1.99 percent.

The average market yield remains 0.21 percent.

Welcome to the future of borrowing. Not quite yet, but online lending applications are the next frontier for banks and credit unions according to a recent survey by Mortgagebot. An article on last Wednesday says bank and credit union executives expect online lending to increase substantially over the next three years.

Even mortgages may be completely online and interactive soon. Lenders across the country, except the South, accept 9 percent of mortgage applications online. Credit unions are even more technologically progressive: 20 percent of credit unions accept online applications.

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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