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%
"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.