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The spread between savings rates and CD rates hit a record this week as savings rates and short-term CD rates continued to decline while longer-maturity CDs held their return. The increasing spread indicates that banks are compensating longer-term deposits more now than ever before.

Average CD rates were mostly flat this past week and the top cd rates did not change at all.

The latest batch of data shows that longer-term CD rate averages are moving up while shorter term CDs as well as savings and money market rates continue to fall. Are we near a bottom?

Rates on Certificate of Deposits rose in the last two weeks, and the average 5 year CD rate according to the BestCashCow rate table is now at its highest since August 2009. The average for the 5 year CD has risen from 3.24% APY to 3.42% APY. Are we seeing more sparks of life? It would certainly take more yield to convince me to lock my money up for five years, especially if the economy is reviving. Perhaps this sentiment is gaining steam.

Most savings and CD rates hit record lows last week, except for the 5-year CD, which continued to show gains in yield. Average savings rates reached a new record low of 1.46% APY, down 1 basis point from 1.47% APY the previous week. Average one-year cd rates fell 3 basis points to 1.82% APY. Average three-year cd rates dropped two basis points to 2.61% APY.

Amtrust's recent seizure by the office of thrift supervision does not affect the yields of Amtrust Bank high yielding CDs from 2007 and 2008.