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Savings rates mixed
Average rate for 12-mo. CD clicks higher but money markets, checking accounts show no movement.
May 5, 2004: 1:36 PM EDT

NEW YORK (CNN/Money) - Savings rates continued their upward trend as the average rate for a 12-month CD rose to 1.31 percent for the week ended May 4, up from 1.29 percent the previous week.

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%

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Rates provided by Bankrate.com.

"With the Fed meeting [Tuesday] and leaving rates unchanged, it is unlikely that we will see a dramatic climb in deposit product rates very soon," said Ray Montague, deposit research manager at Informa Research Services, Inc.

Rates for 12-month CDs have been stuck within a narrow average range of 1.27 percent to 1.29 percent for the past month, according to Informa. During the week ended May 4, rates ranged from 0.25 percent to 2.89 percent.

Interest rates for checking account and money market accounts, however, showed no movement.

Weekly rates information
graphic
Savings rates mixed
Mortgage rates climb
Credit card rates motionless

Checking account rates held steady at 0.30 percent, down from 0.31 percent a month earlier, with a range of 0.01 to 3.01 percent.

Money market account rates stayed at 0.63 percent, ranging from 0.01 to 2.50 percent. Rates stood at 0.64 percent a month earlier.

TOP TEN COMMERCIAL BANKS & SAVINGS INSTITUTIONS
As of May 4, 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% 1.15% 0.10% 0.70%
Wachovia Bank NC 0.85% 1.20% 0.10% 0.75%
JPMorgan Chase Bank NY 0.90% 1.10% 0.20% 0.65%
Bank One IL 0.65% 0.75% 0.40% 1.65%
U.S. Bank OH 0.70% 1.01% 0.35% 0.75%
Fleet National Bank RI 0.70% 1.50% 0.10% 1.20%
Citibank NY 0.85% 1.15% 0.70% 2.00%
Washington Mutual Bank CA 1.00% 1.30% 0.40% 0.90%
Wells Fargo Bank CA 0.85% 1.01% 0.40% 1.06%
SunTrust Bank GA 0.95% 1.25% 0.10% 0.75%
Top Ten Avg   0.82% 1.14% 0.29% 1.04%
* Ranked by total deposit size
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.

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.

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