NEW YORK (CNN/Money) - Interest rates for savings products were mixed the week ended Aug. 3, but 12-month CDs inched modestly higher to a 1.62 percent average from 1.59 percent the previous week.
"The T-bill rates index is the primary driver for the longer term CDs, 12 month and longer," said Randy Rosen, deposit research manager at Informa Research Services, Inc.
"While checking and money market rates have not had significant changes recently, if the Federal Reserve makes any more changes to the Federal Funds rate, we should see some movement in checking and money market rates."
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 1.54 percent.
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Meanwhile, interest rates for money market and checking accounts held steady.
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 2.55 percent. A month earlier, rates stood at 0.64 percent.
Checking accounts clung to their 0.31 percent average, also unchanged from the previous week. Rates spanned from 0.01 percent to 3.01 percent for the week ended Aug. 3, and stood at 0.3 percent a month-earlier.
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 August 3, 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 |
1.15% |
1.55% |
0.10% |
0.85% |
| JPMorgan Chase Bank |
NY |
1.05% |
1.35% |
0.25% |
0.70% |
| Bank One |
IL |
1.05% |
1.35% |
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% |
1.70% |
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 |
|
1.17% |
1.57% |
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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