NEW YORK (CNN/Money) - Interest rates for 12-month CDs crept higher to a 1.51 percent average for the week ended June 29, from 1.49 percent the previous week, but rates for other savings products held steady.
"The bond market has been fairly active over the last couple of months, which is why you are seeing longer term CD rates changing," said Randy Rosen, manager of deposit research at Informa Research Services, Inc. He noted that the bond market typically drives the rates for longer-term CDs, or those that mature in 12 months or longer.
Rates for 12-month CDs ranged from 0.35 percent on the low end to 3.04 percent for the week, according to Informa. A month earlier, the average rate stood at 1.38 percent.
Meanwhile, interest rates for money market and checking accounts refused to budge.
"For checking and money market rates the Federal Reserve is one of the main driving forces,"said Rosen.
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"With the Federal Reserve increasing the benchmark federal funds rate a quarter-point today, I should anticipate checking and money market rates showing some movement in the coming weeks."
The average interest rate for money markets remained firm at 0.64 percent, showing no movement in over a month, with a range of 0.01 percent to 2.5 percent.
Checking accounts clung to their 0.30 percent average, also showing no movement in over a month. Rates spanned from 0.01 percent to 3.01 percent for the week ended June 29.
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 29, 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 |
1.05% |
1.40% |
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 |
1.05% |
1.60% |
0.70% |
2.00% |
| Washington Mutual Bank |
CA |
1.10% |
1.80% |
0.40% |
2.07% |
| Wells Fargo Bank |
CA |
0.85% |
1.30% |
0.40% |
1.06% |
| SunTrust Bank |
GA |
1.00% |
1.80% |
0.10% |
0.80% |
| Top Ten Avg |
|
0.97% |
1.52% |
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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