I'm Greg McBride, senior financial analyst with Bankrate.com, and here is your weekly look at yields on certificates of deposit.
The steady swoon in CD yields extended to another week. Returns are at record lows across the maturity spectrum. This week saw declines in maturities from one year through five years, with the average 1-year CD yield down to 0.39 percent and the average 5-year CD now earning just 1.34 percent.
The accelerated declines over the past 6 weeks are similar to what investors witnessed this time last year. Both then and now, a weak economy, Europe's debt issues, a stock market correction, and the anticipation of further Fed stimulus pushed yields steadily lower. At the time, we were looking at record lows and the yields have gone from bad to worse ever since.
To find the best available returns on CDs and other savings instruments, go to Bankrate.com.
I'm Greg McBride.