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.
"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.
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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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