Average rates for money market, checking accounts flat but rates for 12-mo. CD swings higher. June 23, 2004: 2:35 PM EDT
NEW YORK (CNN/Money) - Interest rates for 12-month CDs inched higher to a 1.49 percent average for the week ended June 22, from 1.45 percent the previous week, but rates for other savings products remained flat.
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"The bond market, which has been more active over the last couple of months, has driven the movement in rates for the longer-term CD's (12 month and longer)," said Randy Rosen, manager of deposit research at Informa Research Services, Inc.
"The shorter term CD's, money market, and checking are usually driven by the Federal Reserve," he added. "With the Federal Reserve maintaining the status quo for the last year, there has been very little movement in those products."
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 1.38 percent.
Interest rates for money market and checking accounts, however, showed no signs of life.