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.
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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.
TOP TEN COMMERCIAL BANKS & SAVINGS INSTITUTIONS
As of June 1, 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 |
0.75% |
1.40% |
0.10% |
0.70% |
| Wachovia Bank |
NC |
0.95% |
1.35% |
0.10% |
0.75% |
| JPMorgan Chase Bank |
NY |
0.90% |
1.25% |
0.20% |
0.65% |
| Bank One |
IL |
0.75% |
1.10% |
0.40% |
1.65% |
| U.S. Bank |
OH |
0.70% |
1.01% |
0.35% |
0.75% |
| Fleet National Bank |
RI |
0.75% |
1.75% |
0.10% |
1.20% |
| Citibank |
NY |
0.90% |
1.30% |
0.70% |
2.00% |
| Washington Mutual Bank |
CA |
1.00% |
1.50% |
0.40% |
2.07% |
| Wells Fargo Bank |
CA |
0.85% |
1.20% |
0.40% |
1.06% |
| SunTrust Bank |
GA |
0.95% |
1.40% |
0.10% |
0.80% |
| Top Ten Avg |
|
0.85% |
1.33% |
0.29% |
1.16% |
* 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.
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