Bank deposits hit record high of nearly $10 trillion

NEW YORK (CNNMoney) -- Americans have more money saved up in bank accounts than ever before.

Deposits in FDIC-insured banks climbed $343 billion in the first half of the year to an all-time high of $9.8 trillion, according to Market Rates Insight, which tracks bank pricing.

Despite meager interest rates "consumers are very fearful about the economy, and are fleeing to the safety and security of insured and liquid deposits," said Dan Geller, executive vice president at Market Rates Insight.

The research firm found that consumers pulled their money out of financial products like CDs and stashed it in checking, savings and money market accounts where their money would be more readily accessible.

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Funds stored in CDs, which holders don't have access to until a specific date, fell $94 billion to $1.9 trillion in the six months ended June. Meanwhile, balances of liquid accounts, like money markets and savings accounts, jumped by $446 billion to $6.3 trillion.

More businesses have also been shifting to retail consumer deposit accounts, with consumer balances making up 90.1% of total deposits as of June, Market Insights reported. While retail consumer deposits rose by $382 billion in the first half of the year, business deposit balances slipped $29 billion.