cds

CD rates for Aug. 22, 2013

 

I'm Greg McBride, senior financial analyst with Bankrate.com, and here is your weekly look at yields on certificates of deposit.

There was mixed news on deposit yields this week. The average money market deposit account yield slipped to 0.1 percent, a new low. Meanwhile, the average three-year CD yield nosed higher for the first time in six weeks, to 0.47 percent. It's not much, but savers will take it.

The average five-year CD yield held at 0.79 percent this week after having increased in each of the past two weeks.

So why such minuscule movement in deposit yields when mortgage rates are bounding higher? The fact is banks are already awash in deposits and operating on the narrowest interest margins in years, so there is no catalyst at this point for any widespread, or substantive, improvement in deposit yields.

To find the best yields on all CD maturities, as well as other savings instruments, go to Bankrate.com.

I'm Greg McBride.

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