BankShout looks at the top annual percentage yields (APY) for 6-month certificate of deposit terms. Banks polled are U.S. national and Internet banks, and yields are current as of May 4, 2010.

Continuing a trend from April, 6-month CD yields took another slight tumble this month. Any hopes of a stop to the slide of short-term interest rates on consumer deposit products will have to wait, as banks once again played follow the leader in cutting 6-month certificate APYs, mostly by 1-5 basis points.

Aurora Bank FSB remains that national leader with a 6-month term at 1.27%, down from 1.29% in early April, and one basis point lower than the last BankShout survey, on April 19th. Aurora Bank requires a minimum deposit of $1000.

Also with a minimum deposit of $1000 in Nexity Bank, which cut its 6-month APY to 1.26% from 1.27% last month. Coming in third on this week’s list is Discover Bank, which held its half-year certificate at 1.25% APY, for deposits of at least $2500. NewdominionDirect.com also held steady at 1.17% APY, stopping (at least temporarily) the North Carolina-based Internet bank’s trend of heft yield cuts over the last 3 months. Ally Bank also cut its 6-month CD APY, to 1.15% from 1.20% in April.

Washington is currently trying to hash out a banking reform bill, in an attempt to prevent another economic meltdown and the failure of large financial institutions. In the May primary elections, BankShout readers should try to pay close attention to voting trends, particularly by retirees and savers who are fed up with meager returns from banks. This could provide clues to how the banking bill with play out, politically.