Interest rates for 12-month CDs move higher but money market, checking rates hold steady. May 26, 2004: 2:41 PM EDT
NEW YORK (CNN/Money) - Interest rates for 12-month CDs rose to an average of 1.38 percent during the week ended May 25, up from 1.36 percent the week prior, but rates for other banking products held steady.
CDs & Money Market
MMA
0.96%
$10K MMA
1.03%
6 month CD
1.06%
1 yr CD
1.54%
5 yr CD
2.55%
CD rates have moved higher over the past month, jumping from 1.29 percent for the week ended April 27, according to Informa Research Services. For the week ended May 25, CD rates ranged from 0.35 percent on the low end to 2.89 percent.
Interest rates for money markets and checking accounts, however, remained unchanged.
Money market rates stood at an average of 0.64 percent, unchanged from the week prior but slightly higher than the month-earlier 0.63 percent average. Rates ranged from 0.01 to 2.5 percent for the week ended May 25.