Rates on certificates of deposit began to drop like a rock when the Federal Reserve set short-term interest rates to practically zero in December 2008. In 2013, the deluge has slowed to a trickle, but the downward trend is still alive. In May, CD rates kept falling to new lows, 1 basis point at a time. A basis point is one-hundredth of 1 percentage point.
Pittsburgh boasted the lowest rates of the month, with an average one-year yield of 0.12 percent, according to Bankrate research. The average five-year yield in Pittsburgh was 0.55 percent, also the lowest of the 25 markets surveyed.
On the high side, Houston and Cincinnati prevailed. One-year CDs were highest in Houston, yielding 0.42 percent. In Cincinnati, the five-year yield was 1.07 percent.
Have you seen a CD yielding less than 0.1 percent?
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Senior investing reporter Sheyna Steiner is a co-author of "Future Millionaires' Guidebook," an e-book written by Bankrate editors and reporters. It's available at all the major e-book retailers.