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Current certificate of deposit rates have been so low for so long how it is hard to imagine just two and a half years ago you could find 12 month CD rates as [link widoczny dla zalogowanych] high as 5.00 percent. The national average 12 month CD rate is less than 1.00 percent and has been under 1.00 percent for over a year now. The current national average 12 month CD rate is 0.60 percent.

Of course you can find bank CD rates and credit union CD rates higher than the current national average rates. Bank of Internet USA, an online bank based in San Diego, California is offering current 1 year CD rates at 1.30 percent with a current CD yield of 1.31 percent. Credit unions are also offering 1 year CD rates higher than the national average rate. Pentagon Federal Credit Union is offering 12 month certificate rates at 1.25 [link widoczny dla zalogowanych] percent with a CD interest yield of 1.26 percent.

Just before the financial crisis and the recession the average 12 month CD rate was around [link widoczny dla zalogowanych] 3.00 percent. Several well known banks and well capitalized banks are offering 1 year CD rates at four percent to five percent. It will be [link widoczny dla zalogowanych] nice [link widoczny dla zalogowanych] to see rates go higher again as long as inflation doesnt spin out of [link widoczny dla zalogowanych] control.

Shorter term and longer term certificate of deposit interest rates are not fairing any better. The current average 3 month CD rate is 0.27 percent, not much higher than the average checking account rate which is historically low because most checking accounts are non-interest bearing.

Banks and credit unions offering 3 month rates better than the national average [link widoczny dla zalogowanych] include Hudson City Savings Bank which [link widoczny dla zalogowanych] is currently offering 3 month [link widoczny dla zalogowanych] rates at 0.75 percent with [link widoczny dla zalogowanych] a CD [link widoczny dla zalogowanych] yield of 0.75 percent. Nexity Bank is also offering 90 day rates and yields at 0.75 percent. Credit unions offering rates higher than the averages include Sikorsky Financial Credit Union, Inc, which is offering 3 month rates at 0.55 percent with a yield of 0.55 percent.

On the long end of the interest rate spectrum 5 year CD rates at banks and credit unions are only [link widoczny dla zalogowanych] averaging 1.78 percent. All these rates are historically very low because the inflation rate is so low.

6 month [link widoczny dla zalogowanych] certificate of deposit rates are not much higher than 3 month CD rates. The current average 6 month bank CD rate and credit union CD rate is 0.31 percent. These low rates make getting any kind of decent return almost impossible. This is especially hard for retirees to count on interest income from certificates of deposit for living expenses. More and more retirees having to dip into their principal in order to make [link widoczny dla zalogowanych] ends meet.

Credit unions and banks offering 6 month certificate of deposit rates higher than the average include Hockley County School Employees Credit Union out of Levelland, Texas. The credit unions current 6 month rate is 1.40 percent with a CD yield of 1.41 percent. That rate is one of the best CD rates available right now for any 6 month certificate of deposit. That rate also is higher than most 12 month CD rates at banks and credit unions.

Banks offering 180 day bank CD rates higher than the average [link widoczny dla zalogowanych] include Fayetteville Bank based in Schulenburg, Texas. Fayetteville Banks current 6 month rate is 1.25 percent with a bank CD yield of 1.26 percent. Both banks have 6 month rates four times the national average rate.

At this time we recommend investing in shorter term CD rates since interest rates will be heading higher this year. As the economy recovers and inflation picks up the Fed will raise interest rates which will cause CD rates, savings rates and mortgage rates to head higher.