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12-mo. CD rates edge higher
Average rates for money market, checking accounts flat but rates for 12-mo. CD move higher.
June 16, 2004: 3:54 PM EDT

NEW YORK (CNN/Money) - Interest rates for 12-month CDs moved modestly higher to a 1.45 percent average for the week ended June 15, from 1.42 percent the previous week, but rates for other savings instruments remained flat.

CDs & Money Market
MMA 0.49%
$10K MMA 0.53%
6 month CD 0.46%
1 yr CD 0.71%
5 yr CD 1.38%

Find personalized rates:
 

Rates provided by Bankrate.com.

"The bond market has an influence on the longer term CDs [greater than 12 months], while the shorter term CDs, along with checking and money market accounts, are influenced more by the Federal Reserve," said Randy Rosen, manager of deposit research at Informa Research Services.

"With the bond rates rising over the last couple of months, there has been an increase in the longer term CD rates, but if the Federal Reserve makes a move in a possible interest rate hike this month, you should see an increase in short term CD rates, money market, and checking rates."

Rates for 12-month CDs ranged from 0.35 percent on the low end to 2.89 percent for the week, according to Informa. A month earlier, the average rate stood at 1.36 percent.

Weekly rates information
graphic
12-mo. CD rates edge higher
Mortgage rates rise
Credit card rates flat

Interest rates for money market and checking accounts, however, were flat.

The average interest rate for money markets remained firm at 0.64 percent, unchanged from the last month, with a range of 0.01 percent to 2.5 percent.

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 15.

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 15, 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% 1.55% 0.10% 0.70%
Wachovia Bank NC 0.95% 1.35% 0.10% 0.75%
JPMorgan Chase Bank NY 1.00% 1.40% 0.20% 0.65%
Bank One IL 0.90% 1.25% 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 1.01% 1.40% 0.70% 2.00%
Washington Mutual Bank CA 1.06% 1.65% 0.40% 2.07%
Wells Fargo Bank CA 0.85% 1.20% 0.40% 1.06%
SunTrust Bank GA 1.00% 1.45% 0.10% 0.80%
Top Ten Avg   0.90% 1.40% 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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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.