I'm Greg McBride, senior financial analyst with Bankrate.com, and here is your weekly look at yields on certificates of deposit.
This week picked right up where last week left off for savers, as CD yields have gone from bad to worse. And unlike last week, the declines weren't just confined to longer maturities. This week, the pain was felt across the maturity spectrum, on everything from 3-month to 5-year CDs.
The average 3-month CD yield ticked lower to 0.16 percent, while the 2-year CD earns 0.62 percent, and the 5-year CD now pulls in just 1.45 percent. All are record lows.
CD yields have been propelled lower by the Federal Reserve's pledge to keep short-term interest rates unchanged for another 2 years. Savers should buckle in, because returns on cash investments are confined to the cellar for the foreseeable future.
With CD yields moving lower, its more important than ever to shop around for the best available returns on CDs and other savings instruments . To do that, go no further than Bankrate.com.
I'm Greg McBride.