Here's a look at the state of CD rates from Bankrate.com's weekly national survey of large banks and thrifts conducted May 12, 2010.
CDsYields: 0.71 percent (1-year CD yield); 2.12 percent (5-year CD yield)
CD rates continue to erode in the weekly Bankrate rate survey.
The average yield on a one-year CD remained 0.71 percent for the fourth week in a row. The yield on the average five-year CD slipped 1 basis point to 2.12 percent.
The average one-year jumbo CD is yielding 0.76 percent and the five-year jumbo lost 1 basis point to 2.11 percent.
For a money market account, the average yield is down 1 basis point to 0.22 percent.
A study released Thursday by ForeSee Results and Forbes.com measuring customer satisfaction with banking institutions and online banking has found that credit unions provide the most satisfying online experience. Plus, credit unions do the best job offering customers useful products and services. If that sounds appealing, use Bankrate's Safe & Sound ratings to find a local credit union near you.
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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If you're in the market for a new CD, use the Bankrate CD calculator to compute your earnings.
-- Sheyna Steiner