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In April, the rates for certificates of deposits (CDs) have actually started to tumble again. CD rates on longer terms were subject to the biggest rate drops in the past month.

Chase made widespread rate cuts to its CDs. The big bank’s 60-month CD pays a simple 0.35 % APY. USAA and Discover Bank likewise slashed rates on their line of CD items.

Barclays Bank, which has held the leading 60-month CD rate for time now, signed up with the activity by cutting the 60-month CD rate from 1.85 % APY to 1.75 % APY, while still preserving the leading rate. Ally Bank dropped its 60-month CD rate too, from 1.59 % APY to 1.54 % APY.

Currently, the best nationwide 1-year CD rate – at 1.10 % APY – is available with Bank X.

For comparison’s sake, the top savings rate is 1.00 % APY, from Barclays Bank. The present Collection I savings bond composite rate is 1.18 %.

Fed holds its position

Following its April 30-May 1 meeting, the Federal Reserve made no statements to modifications to its financial policy. The central bank has been peaceful in the early part of 2013 as it keeps a close eye on the slow recuperation of the jobs and real estate markets while reducing rate of interest.

The Fed reaffirms the target 6.5 % unemployment rate as the sign for when rate of interest will begin to increase. According to the Bureau of Labor Statistics, the March 2013 joblessness rate was 7.6 %.

The table below shows the changes in the national averages for CD rates from March 31, 2013 to April 30, 2013. The figures are based on information gotten from banks that are tracked here on MyBankTracker.

CD Term APY (as of 3/31/13) APY (as of 4/30/13) APY Change
6-Month 0.36% 0.35% -0.01%
12-Month 0.50% 0.49% -0.01%
24-Month 0.62% 0.61% -0.01%
36-Month 0.75% 0.73% -0.02%
48-Month 0.90% 0.87% -0.03%
60-Month 1.11% 1.09% -0.02%