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Bank, credit card rates mixed
Average APRs for credit cards mixed, but banking APYs mostly higher.
March 16, 2005: 10:28 AM EST
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CDs & Money Market
MMA 0.51%
$10K MMA 0.42%
6 month CD 0.59%
1 yr CD 1.01%
5 yr CD 1.73%

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NEW YORK (CNN/Money) - Consumer interest rates for credit cards and banking products were mixed the week ending March 15, according to the latest Informa Research Services survey.

The average annual percentage rate, or APR, for platinum cards held steady at 11.3 percent, unchanged from the previous week. Interest rates ranged from a low of 5.5 percent to a high of 19.8 percent for the week and stood at 11.28 percent a month earlier.

Rates for introductory purchase credit cards fell to a 1.74 percent average, down marginally from 1.75 percent last week, and stood at 1.84 percent a month earlier. For the week ended March 15, rates ranged from zero percent to 9.9 percent.

Reward, or incentive-based, credit cards fell to a 12.36 percent average, down from 12.38 percent last week, with a range of 7.4 percent to 17.49 percent. Rates stood at 12.3 percent a month earlier.

Interest rates for banking products were mostly higher, with 12-month CDs advancing to a 2.4 percent average annual percent yield, or APY, up from 2.36 percent the previous week.

Rates for 12-month CDs ranged from 0.35 percent on the low end to 3.8 percent for the week. A month earlier, the average rate stood at 2.26 percent.

The average interest rate for money markets tipped fractionally higher to 0.85 percent, up from 0.84 percent a week ago, with a range of 0.02 percent to 3.35 percent. Rates stood at 0.83 percent a month earlier.

Below are the rates for key savings products from the 10 largest banks. You can compare rates for banking products, as well as credit cards, using the rate-search tools above.  Top of page

As of March 15, 2005
Institution* State 6 Month CD
$25,000 APY
12 Month CD
$25,000 APY
$5,000 APY
Money Market
$25,000 APY
Bank of America NC 2.00% 2.75% 0.10% 1.50%
Wachovia Bank NC 2.35% 2.55% 0.10% 1.41%
JPMorgan Chase Bank NY 2.10% 2.55% 0.40% 1.25%
Bank One IL 2.25% 2.60% 0.40% 2.10%
U.S. Bank - Cleveland OH 1.25% 1.75% 0.20% 2.00%
BOA/Fleet RI 2.00% 2.99% 0.10% 1.75%
Citibank NY 2.35% 2.75% 1.01% 1.30%
Washington Mutual Bank CA 2.75% 3.00% 0.40% 1.95%
Wells Fargo Bank CA 2.05% 2.45% 1.75% 2.00%
SunTrust Bank GA 2.05% 2.55% 0.10% 1.50%
Top Ten Avg   2.12% 2.59% 0.46% 1.68%
* Ranked by total deposit size
Source: Informa Research Services, Inc., 800-848-0218. © 2005. 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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