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For the first time this year, CD rates have actually broken the trend. In the past month, nationwide CD rate averages actually enhanced for those with long-lasting maturity durations, after having been part of a non-stop month-to-month decrease.

The nationwide averages for 4-year and 5-year CD rates each increased 0.02 % APY to 0.87 % APY and 1.09 % APY, respectively. Significant rate hikes at a couple of major online banks contributed to the reversal for longer term CD rates.

EverBank stuck out this month with major rate rises to its 4-year and 5-year CDs, which now provide the most appealing rates across the country. The online bank’s 4-year CD rate enhanced from 1.46 % APY to 1.61 % APY and 5-year CD rate went from 1.66 % APY to 2.06 % APY.

Other online banks that made similar rate modifications include State Farm Bank, Nationwide Bank, Intervest National Bank and giantbank.com.

Currently, the top 1-year CD rate of 1.05 % APY is available from GE Capital Bank.

Things are looking up

The shift in the rate trend coincides with the much better outlook that’s been revealed by the Federal Reserve. It’s actually fueled speculation that the enhancing economy will downsize its bond-buying program and reduce downward pressure on rate of interest.

On that keep in mind, the central bank restates that the unemployment rate will influence the decision to raise rates. In the previous 2 months, the task market has actually stayed stagnant with an unemployment rate of 7.6 percent. The Fed wishes for the unemployment rate to be up to 6.5 percent before rambling rates.

The table below programs the changes in the national averages for CD rates from June 28, 2013 to July 31, 2013. The figures are based on data obtained from banks that are tracked by MyBankTracker.

CD Term APY (as of 6/28/13) APY (as of 7/31/13) APY Change
6-Month 0.34% 0.33% -0.01%
12-Month 0.48% 0.47% -0.01%
24-Month 0.58% 0.58% 0%
36-Month 0.71% 0.71% 0%
48-Month 0.85% 0.87% +0.02%
60-Month 1.07% 1.09% +0.02%

If you ‘d such as to compare the top CD rates available today, make use of the table below: