NEW YORK (CNN/Money) - Interest rates for savings products were little changed the week ended Aug. 24, with 12-month CDs creeping to a 1.65 percent average from 1.64 percent the previous week.
"The movement in the CD rates (especially in the CDs for 12 months or longer) would be primarily due to the fluctuations in the T-Bill rate," said Randy Rosen, manager of deposit research at Informa Research Services, Inc.
"Banks have been a little slow to change the rates on some of the liquid products such as money market accounts."
Rates for 12-month CDs ranged from 0.35 percent on the low end to 3.04 percent, according to Informa Research Services. A month earlier, the average rate stood at 1.59 percent.
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The average interest rate for money markets rose to 0.68 percent from 0.65 percent, with a range of 0.01 percent to 2.55 percent.
Average interest rates checking accounts, meanwhile, held steady.
Checking accounts clung to their 0.31 percent average, showing no movement for roughly a month. Rates spanned from 0.01 percent to 3.01 percent for the week.
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 August 24, 2004
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| 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% |
0.90% |
| Wachovia Bank |
NC |
1.15% |
1.55% |
0.10% |
0.85% |
| JPMorgan Chase Bank |
NY |
1.10% |
1.40% |
0.25% |
0.70% |
| Bank One |
IL |
1.10% |
1.40% |
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% |
0.75% |
1.01% |
| Washington Mutual Bank |
CA |
1.40% |
1.80% |
0.40% |
0.90% |
| Wells Fargo Bank |
CA |
1.15% |
1.60% |
0.90% |
0.95% |
| SunTrust Bank |
GA |
1.15% |
1.80% |
0.10% |
0.80% |
| Top Ten Avg |
|
1.25% |
1.66% |
0.33% |
0.96% |
* 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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