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Credit card, bank rates up
Average APRs for credit cards leaped higher, and banking APYs were also up slightly this week.
October 4, 2005: 5:07 PM EDT
CDs & Money Market
MMA 0.69%
$10K MMA 0.42%
6 month CD 0.94%
1 yr CD 1.49%
5 yr CD 1.93%

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NEW YORK (CNN/Money) - Consumer interest rates for credit cards were sharply higher and banking products were also up the week ending October 4th, according to the latest Informa Research Services survey.

The average annual percentage rate, or APR, for platinum cards jumped from 11.79 percent to 11.84 percent. Interest rates ranged from a low of 5.90 percent to a high of 19.80 percent for the week and stood at 11.56 percent a month earlier.

Interest rates for banking products rose slightly, with 12-month CDs at a 3.12 percent average annual percent yield, or APY, from 3.10 the previous week. Rates were 3.07 a month earlier.

The average interest rate for money markets rose to 1.15 percent, with a range of 0.02 percent to 3.95 percent. Rates stood at 1.11 percent a month earlier.

Interest rates for checking accounts were flat at 0.40 percent average for a fourth week in a row. Rates were 0.39 a month earlier, and ranged from 0.01 percent to 4.33 percent the week ended October 4th.

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.

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As of October 4, 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 1.25% 1.70% 0.10% 1.50%
Wachovia Bank NC 2.60% 2.90% 0.50% 1.93%
JPMorgan Chase Bank NY 3.00% 3.25% N/A 1.75%
Bank One IL 2.80% 3.25% 0.75% 2.50%
U.S. Bank - Cleveland OH 1.25% 1.75% 0.20% 2.00%
BOA/Fleet RI 2.24% 3.25% 0.10% 2.10%
Citibank NY 3.15% 3.40% 0.80% 3.25%
Washington Mutual Bank CA 2.15% 2.60% 0.40% 2.55%
Wells Fargo Bank CA 2.25% 2.95% 2.25% 2.80%
SunTrust Bank GA 2.85% 3.25% 0.10% 2.10%
Top Ten Avg   2.35% 2.83% 0.58% 2.25%
* 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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