Interest rates for 12-mo. CDs, money market accounts move higher but checking rates stay firm. May 19, 2004: 3:46 PM EDT
NEW YORK (CNN/Money) - Interest rates for 12-month CDs rose to an average of 1.36 percent during the week ended May 18, up from 1.33 percent the week prior, but checking account rates continued to hold steady.
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CD rates have been steadily climbing higher over the past month, jumping from 1.28 percent for the week ended April 20, according to Informa Research Services. For the week ended May 18, CD rates ranged from 0.35 percent on the low end to 2.89 percent.
Money market rates also seeped modestly higher, coming in at 0.64 percent to break their month-long 0.63 percent average. Rates ranged from 0.01 percent to 2.5 percent.
Interest rates for checking accounts, however, remained unchanged.
Rates for checking accounts held on to their 0.3 percent average, unchanged from both a week and month earlier, with a range of 0.01 percent to 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 May 18, 2004
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