NEW YORK (CNN/Money) - Interest rates for savings products were mixed the week ended July 27, but 12-month CDs inched modestly higher to a 1.59 percent average from 1.57 percent the previous week.
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 1.51 percent.
Checking account rates broke through from their 0.30 percent average, held for over a month, edging slightly higher to 0.31 percent. Rates spanned from 0.01 percent to 3.01 percent for the week.
The average interest rate for money markets remained firm at 0.65 percent, unchanged from last week, with a range of 0.01 percent to 2.5 percent. A month earlier, rates stood at 0.64 percent.
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"The Federal Reserve raising interest rates earlier this month prompted financial institutions to slightly increase interest checking rates," said Randy Rosen, deposit research manager at Informa Research Services, Inc.
"The expectation is that, over time, interest checking and money market rates will continue to increase, especially if the Federal Reserve makes more rate increases."
Below are the rates for key savings products from the 10 largest banks. You can compare rates from more institutions with the rate-search tool above.
TOP TEN COMMERCIAL BANKS & SAVINGS INSTITUTIONS
As of July 27, 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% |
0.85% |
| 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% |
0.20% |
0.65% |
| Fleet National Bank |
RI |
1.75% |
1.85% |
0.10% |
1.20% |
| Citibank |
NY |
1.25% |
1.60% |
0.70% |
2.00% |
| Washington Mutual Bank |
CA |
1.40% |
1.80% |
0.40% |
2.00% |
| Wells Fargo Bank |
CA |
1.05% |
1.50% |
0.65% |
0.95% |
| SunTrust Bank |
GA |
1.15% |
1.80% |
0.10% |
0.80% |
| Top Ten Avg |
|
1.15% |
1.53% |
0.30% |
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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