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CD rates nationally and in your area.
CDs
- 0.45% (1-year CD yields)
- 1.7% (5-year CD yields)
Here's a look at the state of CD rates from Bankrate.com's weekly national survey of large banks and thrifts conducted May 18, 2011.
In this week's survey of CD rates, yields on five-year terms slipped a smidgen while other maturities remained unchanged.
The average one-year CD yield is 0.45 percent for the second consecutive week. The average five-year CD yield lost 1 basis point, sliding to 1.7 percent.
On the jumbo end, the one-year CD yield is unchanged at 0.5 percent and the five-year yield is down 1 basis point to 1.72 percent.
The average money market account yield is also unchanged at 0.17 percent.
Bloomberg Markets Magazine recently ranked the strongest 20 banks in the world. American banks were notably absent from the list, with only three U.S. banks cracking the top 20: Fifth Third Bancorp, JPMorgan Chase and Citigroup.
The list was comprised of banks with at least $100 billion in assets.
Since 2008, 362 American banks have failed, according to the Federal Deposit Insurance Corp., with more likely to come.
In the Bloomberg.com story from May 10, "OCBC World's Strongest Bank in Singapore as Canadians Dominate," a Singapore-based investment manager, Hugh Young, explained the prevalence of Singaporean banks in the rankings.
"They don't do the stupid things Western banks do," he is quoted as saying. "They don't do things like lending 120 percent of the value of a property to people without a job, and they don't do stupid things in the derivatives markets and proprietary trading."
All deposit products listed with Bankrate are FDIC-insured.
Read more at Bankrate's new blog for CD investors, the CD rates blog.
-- Sheyna Steiner