BankShout looks at the top 1-year certificate of deposit rates for the week of Monday, April 12, 2010. Annual percentage yields (APY) are for national and Internet banks based in the U.S.

1-year CD rates slipped again in April as banks continue to cut yields for savings products. According to a BankShout survey, the national leader in annual percentage yield for the popular 12-month term is still Aurora Bank, FSB. Aurora Bank is offering 1.55% APY for minimum deposits of $1000, down from 1.57% last month.

Nexity Bank, of Alabama, also cut their 1-year CD rate, dropping to 1.54% APY from 1.55% APY in March. Nexity requires a minimum balance of $1000 on the 1-year term. NewdominonDIRECT.com continued its slashing of Internet deposit rates, taking its 1-year CD down to 1.51% APY for a $3000 minimum deposit. Charlotte, NC-based NewdominonDIRECT had been offering 1.56% APY on the same term in March.

The only bank that makes our list too also hold its 1-year CD yield steady is American Express Bank, FSB. American Express is still offering 1.50% APY with no minimum balance for its 12-month certificate. Also at 1.50% APY for the 1-year term is Ally Bank, which also requires no minimum deposit. Colorado Federal Savings Bank, a mainstay on the the BankShout best-of rate lists over the last few months, slashed its 1-year CD rate to 1.45% APY for a minimum deposit of $5000, down from 1.55% in March.

I read a terrific article in The Economist this week about the “rebalancing” that is currently going in the American economy. Americans have been saving more and borrowing and consuming less; in my opinion, this could push demand for consumer deposits higher and that could force banks to raise rates to compete for the additional customers. Rebalancing could take years, however, if not decades, according to The Economist. Bottom line: we can’t hold our collective breath for higher deposit rates. The question at this point is when CD rates will bottom out, and how much of a rebound, if any, we can expect for the rest of 2010.