CD Rate Trends This Week: Nov. 2


Americans take to the polls today in hopes that the buttons they push and the levers they pull will result in a political landscape that supports their economic interests.

Make no mistake, this election is all about the economy – any Democrat or Republican would admit that. With unemployment rising and home values plummeting, Americans are anxious, even scared right now, and probably with good reason.

Most Americans weren’t around for the Great Depression, but the past few years have given us a good idea of how fast “normal” can change, and how quickly a family can go from a good job and a full refrigerator to the unemployment line.

Certificate of deposit investors certainly have a horse in today’s political race. While the Federal Reserve will likely stick with its low interest rate policy (a policy that has helped decimate CD rates) no matter who controls Congress, bank investors hope the pols they vote into office will stop using U.S. taxpayers as an ATM machine and do something about the massive debt the U.S. has been accumulating. Furthermore, bank investors are looking for strong political leadership, much like President Reagan in the early 1980s and President Clinton in the 1990s, who can inspire Americans to believe in themselves, their economy, and their country once again.

Wall Street traders will tell you the markets can “feel” change coming, and that big elections like today’s are great agents for such change. Maybe the CD market will play along.

A quick look at some of the best CD deals out on the marketplace reveals some pretty good deals right now.

Look at iGOBanking’s two-year CD, currently offering a 2.25% APY (compared to the 0.856% national average for two-year CDs). That’s almost a point-and-half difference for CD investors – and that’s real money.

Or how about the Bank of the Internet, which is currently offering a six-month CD deal with a 1.15% APY? That’s well above the national average for six-month CD rates (at 0.377%, as measured by the Banking My Way Weekly CD Rate tracker).

There’s no question that Americans are down on their country and political leaders. A CNN survey released this week reports the percentage of Americans who say the U.S. is headed in the wrong direction is at its highest since the mid 1970’s – when the poll first started out.

"Even in 1994, when the Republicans last took control, and in 2006, when control flipped back to the Democrats, roughly half the public was satisfied with the state of the nation," says CNN Polling Director Keating Holland. "Only 25% say that things are going well in the country today, and voters appear poised to take it out on the Democrats on Tuesday."

Bank investors can only hope that “taking out” one political party and replacing it another with a dubious history of public spending is enough to spur economic growth. But unfortunately for the Democrats, change has to start somewhere, and maybe today is the day that we’ll look back on a few years from now and say “that’s when things started to get better.”

With politics on most Americans’ minds today, let’s check out this week’s CD rates, as calculated by the BankingMyWay Weekly CD Rate tracker:


Description                              This Week                   Last Week

60 Month CD                          1.629%                        1.653%
48 Month CD                          1.379%                        1.402%
24 Month CD                          0.856%                        0.878%
12 Month CD                          0.569%                        0.579%
6 Month CD                            0.377%                        0.383%
3 Month CD                            0.236%                        0.243%


As we’ve pointed out, Americans go to the polls today as CD rates are at historic lows. Once you’ve done your civic duty, take some time to search for the best rates possible at BankingMyWay’s CD Rate Search. Week to week, it’s the most thorough review of bank CD rates in the market.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at

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