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12-mo. CD rates inch higher
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.

Weekly rates information
graphic
Home loan rates mixed
12-mo. CD rates inch higher
Credit card rates lie low

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 22.

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 22, 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 1.00% 1.75% 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 1.01% 1.35% 0.40% 1.65%
U.S. Bank OH 0.70% 1.01% 0.35% 0.75%
Fleet National Bank RI 0.99% 1.75% 0.10% 1.20%
Citibank NY 1.01% 1.40% 0.70% 2.00%
Washington Mutual Bank CA 1.06% 1.80% 0.40% 2.07%
Wells Fargo Bank CA 0.85% 1.30% 0.40% 1.06%
SunTrust Bank GA 1.00% 1.75% 0.10% 0.80%
Top Ten Avg   0.96% 1.49% 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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