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Savings rates hold steady
A look at what you can expect in interest rates from the ten largest banks in the nation.
April 22, 2004: 10:24 AM EDT

CDs & Money Market
MMA 1.04%
$10K MMA 1.13%
6 month CD 1.13%
1 yr CD 1.61%
5 yr CD 2.61%

Find personalized rates:
 

Rates provided by Bankrate.com.

NEW YORK (CNN/Money) - Savings rates remained stable during the week ended April 20 as the average rate for a 12-month CD stayed at 1.28 percent, unchanged from last week.

"Right now especially they've [savings rates] been pretty constant. We do see more changes when the Fed is changing rates," said Ray Montague, manager of the deposit customer service department at Informa Research Services.

"In general, most deposit rates are a lot less volatile than mortgage rates."

Weekly rates information
graphic
Savings rates hold steady
Mortgage rates tick higher
Credit card rates hold steady

CD interest rates have stayed within a tight range over the past four weeks, moving between 1.26 percent and 1.28 percent, according to Informa. Rates ranged from 0.25 percent to 2.89 during the week ended April 20.

The average interest rate for money market accounts stayed at 0.64 percent, down marginally from a month ago, with a range of 0.01 percent to 2.50 percent. Rates for checking accounts averaged 0.30 percent, also down slightly from a month ago, with a low of 0.01 percent and a high of 3.01 percent.

Below are the rates for key savings products from the 10 largest banks. You can compare rates from more institutions with the rate-search tools above.

TOP TEN COMMERCIAL BANKS & SAVINGS INSTITUTIONS
As of April 20, 2004
Institution* State 6 Month CD
$25,000 APY
12 Month CD
$25,000 APY
Interest
Checking
$5,000 APY
Money Market
$25,000 APY
Bank of America NC 0.70% 0.95% 0.10% 0.70%
Wachovia Bank NC 0.85% 1.20% 0.10% 0.75%
JPMorgan Chase Bank NY 0.90% 0.90% 0.20% 0.65%
Bank One IL 0.60% 0.75% 0.40% 1.65%
U.S. Bank OH 0.70% 1.01% 0.35% 0.75%
Fleet National Bank RI 0.75% 1.49% 0.10% 1.20%
Citibank NY 0.85% 1.10% 0.70% 2.00%
Washington Mutual Bank CA 0.95% 1.15% 0.40% 0.90%
Wells Fargo Bank CA 0.85% 0.90% 0.40% 1.06%
SunTrust Bank GA 0.95% 1.15% 0.10% 0.75%
Top Ten Avg   0.81% 1.06% 0.29% 1.04%
National Avg   1.22% 1.68% 0.79% 1.41%
* Ranked by total deposit size as of June 30, 2003
Source: Informa Research Services, Inc., 800-848-0218. © 2004. All rights reserved. May not be reproduced or retransmitted in any form without express written consent of Informa Research Services, Inc.

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