Average rates for money market, checking accounts firm but rates for 12-mo. CD move higher. June 9, 2004: 3:38 PM EDT
Current Savings Rates
Type
Overall avgs
MMA
2.46%
$10K MMA
2.65%
6 month CD
3.10%
1 yr CD
3.54%
5 yr CD
4.11%
NEW YORK (CNN/Money) -
Interest rates for 12-month CDs edged modestly higher to a 1.42 percent average for the week ended June 8, from 1.40 percent the previous week, but rates for other savings instruments remained flat.
Rates ranged from 0.35 percent on the low end to 2.89 percent for the week, according to Informa Research Services. A month earlier, the average rate stood at 1.33 percent.
Interest rates for money market and checking accounts, however, held steady.
"I expect to see a rise in interest rates for checking and money market accounts should the Fed go ahead with an aggressive raising of interest rates," said Ray Montague, manager of deposit research at Informa.
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.