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Savings rates flat
Average rates for money market, checking accounts firm as rates for 12-mo. CDs up only fractionally.
August 17, 2004: 5:05 PM EDT

Bankrate.com
 
MMA 2.43%
$10K MMA 2.69%
6 month CD 3.15%
1 yr CD 3.69%
5 yr CD 4.17%
Find personalized rates:
 

NEW YORK (CNN/Money) - Interest rates for savings products were flat the week ended Aug. 10, with 12-month CDs crawling to a 1.63 percent average from 1.62 percent the previous week.

Rates for 12-month CDs ranged from 0.35 percent on the low end to 3.05 percent for the week, according to Informa Research Services. A month earlier, the average rate stood at 1.56 percent.

Meanwhile, interest rates for money market and checking accounts refused to budge.

The average interest rate for money markets remained firm at 0.65 percent, showing no movement for over a month, with a range of 0.01 percent to 2.55 percent.

Weely rates information
graphic
Savings rates flat
Credit card rates ease
Mortgage rates tread lower

Checking accounts clung to their 0.31 percent average, unchanged from the previous week. Rates spanned from 0.01 percent to 3.01 percent for the week ended Aug. 10, 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 10, 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 1.25% 1.75% 0.20% 0.65%
Fleet National Bank RI 1.75% 1.85% 0.10% 1.20%
Citibank NY 1.25% 1.70% 0.70% 1.01%
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   1.23% 1.64% 0.30% 1.06%
* 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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