NEW YORK (CNN/Money) - Interest rates for 12-month CDs crept modestly higher to a 1.56 percent average for the week ended July 13, from 1.54 percent the week prior, but rates for other savings products were mixed.
Rates for 12-month CDs ranged from 0.35 percent on the low end to 3.04 percent for the week, according to Informa Research Services. A month earlier, the average rate stood at 1.45 percent.
The average interest rate for money market accounts inched modestly higher to a 0.65 percent average, snapping their 0.64 percent average held for over a month, with a range of 0.01 percent to 2.5 percent.
Checking account rates, however, stood still.
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Rates for checking accounts held on to their 0.30 percent average, showing no movement in over a month. Rates spanned from 0.01 percent to 3.01 percent for the week ended July 13.
"As rates move, we should see the changes in money market accounts first because they tend to be a more rate-focused product than checking accounts," said Randy Rosen, deposit research manager at Informa.
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 13, 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% |
1.25% |
0.20% |
0.65% |
| Bank One |
IL |
1.01% |
1.25% |
0.40% |
1.65% |
| U.S. Bank - Cleveland |
OH |
0.70% |
1.01% |
0.35% |
0.75% |
| Fleet National Bank |
RI |
1.75% |
1.85% |
0.10% |
1.20% |
| Citibank |
NY |
1.10% |
1.60% |
0.70% |
2.00% |
| Washington Mutual Bank |
CA |
1.25% |
1.80% |
0.40% |
2.07% |
| Wells Fargo Bank |
CA |
0.95% |
1.40% |
0.65% |
1.06% |
| SunTrust Bank |
GA |
1.15% |
1.80% |
0.10% |
0.80% |
| Top Ten Avg |
|
1.11% |
1.52% |
0.31% |
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.
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