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.
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Average rates have been stuck in a narrow band of 0.63 percent and 0.64 percent for the past month.
Checking accounts clung to their month-long 0.30 percent average. Rates spanned from 0.01 percent to 3.01 percent for the week ended June 8.
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 8, 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 |
0.85% |
1.20% |
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 |
0.95% |
1.35% |
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 |
1.00% |
1.40% |
0.10% |
0.80% |
| Top Ten Avg |
|
0.87% |
1.34% |
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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