I'm Lucas Wysocki with your weekly look at Certificates of Deposit. The Federal Reserve's statement saying that it would implement QE3 spelled bad news for savers. The average yield on a one-year CD is down one basis point coming in at point-three percent. And for the first time ever, the 5-year CD dropped below 1 percent. It came in this week at point-nine-nine percent. Tying up one-hundred thousand dollars or more in a jumbo CD doesn't yield much better results. The average yield on a 1-year jumbo CD is only point-three-two percent while a 5-year jumbo dropped to 1 percent this week.
Until rates turn around on certificates of deposit, it's a smart idea to consider a high-yield checking account to place your money. Interest rates can be found that are dramatically better than CDs and since it's a checking account, your money isn't all tied up.
To shop around for that higher than average CD or to find a high-yield checking account that fits your needs, use the free search engine here at Bankrate.com. I'm Lucas Wysocki.
Finally, some good news for savers this week.
The average four-year CD yield inched higher to 0.63 percent.
The average four-year CD yield reversed last week's decline.
There was mixed news on deposit yields this week.
Is there a glimmer of home for savers?
Landing a job in today's economy is hard. Follow these tips to help secure your dream job.
Follow this 6-month homeowner countdown so you are ready come closing day.
Auto loan rates inched up this week.
The 30-year fixed-rate mortgage rose 11 basis points.
Shopping for insurance? Follow these tips from top experts in the insurance field.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
A little research could save you BIG on interest.