National averages -- CD rates for week of Jan. 15, 2009

Here's a look at the state of interest rates on five common consumer banking products and the latest rates from's weekly national survey of large banks and thrifts conducted Jan. 14, 2009.


Rates: 6.95 percent (60-month, new car); 7.68 percent (36-month, used car)

You didn't really expect the news to be any better this week, did you?

CD yields continue getting battered in this ugly, ugly economic climate. The average yield for a one-year CD, as surveyed by, dropped 4 basis points this week to 1.75 percent. The average five-year yield now stands at 2.53 percent, down 9 basis points. For the jumbos, the numbers came in at 1.85 percent on the one-year and 2.55 percent on the five-year, down 7 basis points and 8 basis points respectively. A basis point is one-hundredth of a percentage point.

Savers have been hit hard for more than a year and now the yields are falling faster as everyone else piles into FDIC or government-backed investments.

Even the high-yield CDs are showing wear and tear. One-year CDs, that routinely sported yields above 3 percent just a couple weeks ago, are now slipping rapidly below that level. Nevertheless, a few institutions are still paying 3 percent, so visit our high-yield CD database and see what's available.

The average yield for money market accounts slipped 1 basis point to 0.58 percent. It's a lot easier, in this category, to find significantly better rates. Our high-yield money market database is populated by many banks offering 2.5 percent to 3 percent or better. You sacrifice the guaranteed rate but, on the other hand, you have liquidity. All deposit accounts on Bankrate are FDIC insured.

-- Laura Bruce


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