NEW YORK (CNN/Money) - Interest rates for 12-month CDs edged modestly higher to a 1.54 percent average for the week ended July 6, from 1.51 percent the week prior, as rates for other savings products remained flat.
"Rates for long term CDs (terms of 12 months and longer) are typically driven by the activity in the bond market," said Randy Rosen, manager of deposit research at Informa Research Services. "The bond market has been fairly active over the last couple of months, which is why you are seeing long term CD rates changing."
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 1.42 percent.
Meanwhile, interest rates for money market and checking accounts held steady.
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.
| Weekly rates information
|
|
|
|
|
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 July 6.
"The Federal Reserve is one of the main driving forces for rates changes on checking and money market accounts," Rosen stated. "With the Federal Reserve increasing the benchmark federal funds rate a quarter-point, I anticipate checking and money market account rates to show some movement in the coming weeks."
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 July 6, 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 |
1.15% |
1.75% |
0.10% |
0.80% |
| Wachovia Bank |
NC |
1.05% |
1.45% |
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 |
1.75% |
2.00% |
0.10% |
1.20% |
| Citibank |
NY |
1.05% |
1.60% |
0.70% |
2.00% |
| Washington Mutual Bank |
CA |
1.25% |
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 |
|
1.08% |
1.55% |
0.29% |
1.17% |
* 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.
|
|
.
|
.
