Money market, checking accounts hold steady but average rates for 12-mo. CD moves higher. June 8, 2004: 5:01 PM EDT
CDs & Money Market
MMA
0.90%
$10K MMA
0.98%
6 month CD
0.88%
1 yr CD
1.29%
5 yr CD
2.62%
NEW YORK (CNN/Money) - Interest rates for 12-month CDs crept up to an average of 1.40 percent for the week ended June 1, up from 1.38 percent the previous week, but rates for other banking products held steady.
"12-month and longer term CDs continue to rise gradually because they are typically tied to the Bond Market," said Randy Rosen, deposit research manager at Informa Research Services, Inc.
Rates ranged from 0.03 percent on the low end to 2.89 percent for the week, according to Informa. During the past month, the average rate fluttered between 1.31 percent and 1.38 percent.
The average interest rate for money markets remained firm at 0.64 percent, unchanged from the last two weeks, with a range of 0.01 percent to 2.5 percent.
Average rates have been stuck in a narrow band of 0.63 percent and 0.64 percent for the past month.
Checking account rates also saw no change in interest rates, which clung to their month-long 0.30 percent average. Rates spanned from 0.01 percent to 3.01 percent for the week ended June 1.
"Money market and checking account rates are more closely tied to Fed activity. Some banks are offering higher interest rates on checking and money market accounts, but these are promotional rates that are temporary and do not affect the core product interest rate," Rosen noted.
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.
