For immediate release

Lowly certificate of deposit yields squeeze investors
Bankrate.com posts weekly CD survey results

NEW YORK, N.Y. -- Oct. 23, 2002 -- Already at record lows, yields on certificates of deposit are continuing their downward spiral, according to Bankrate.com (RATE) data. Money market accounts and short- and long-term CDs have provided investors with little more than safety of principal this year, with many yields barely outpacing the slight rate of inflation, currently 1.5 percent.

Deposit averages from Bankrate.com's national CD survey
Money market account: 0.96%, down from 0.97% last week
6-month CD yield: 1.52%, down from 1.53% last week
1-year CD yield: 1.71%, down from 1.73% last week
5-year CD yield: 3.40%, down from 3.43% last week

Investors willing to shop for their FDIC-insured money market and certificates of deposit nationwide do much better than average. This week, Bankrate.com found five institutions paying 2.25 percent APY or higher on 3-month CDs. On six-month CDs, Bankrate.com found nine institutions paying 2.5 percent or higher. All yields are available nationally to customers who do not have an existing relationship with the institution.

By a narrowing margin, Bankrate's panel of experts are predicting that CD rates will hold steady this coming week. But the improving economy has a number of experts looking for rates to head upward, at long last. Bankrate polls the panel weekly and publishes the results in the Rate Trend Index. For CDs with maturities of one year or less, 40 percent predicted rates would rise in the coming weeks; 10 percent said they would fall; the remaining 50 percent said they'd stay the same.

Bankrate's senior financial analyst Greg McBride is among those looking for an uptick soon. "Have we hit bottom?" he asks. "That is the question surrounding the stock market, mortgage rates and CD yields. Continued economic strengthening and rebounding corporate profits should propel all three higher in the coming months. Uncertainty remains as to how soon CD yields will follow the crowd."

Bankrate.com conducts two surveys each week for money market accounts and CDs. The 100 Highest Yields survey is conducted weekly to find the highest-yielding CD and money market accounts available to consumers nationwide. Bankrate.com also conducts a weekly national CD survey, which compiles the rates from the largest banks and thrifts in each of the 10 largest U.S. markets to arrive at a national average. These surveys are supplemented by the Rate Trend Index, a weekly poll of bankers and industry experts on the direction of CD returns in the coming week.

To see data from Bankrate's 100 Highest Yields survey, go to http://www.bankrate.com and click on "CD/Savings." To read our Rate Trend Index panel's prediction for CDs, go to http://www.bankrate.com/CD-RTI

About Bankrate, Inc.
Bankrate, Inc. (Nasdaq: RATE) owns and operates Bankrate.com, the Internet's leading consumer banking marketplace. Bankrate.com averages 4 million unique visitors per month, according to comScore Media Metrix, which ranks Bankrate.com first in unique visitors in the "Financial information and advice" category. Bankrate.com reviews more than 4,800 financial institutions in more than 180 markets in 50 states. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes and small business finance. It is the leading aggregator of more than 190 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees.Bankrate.com provides financial applications and information to a network of more than 80 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal (NYSE: DJ) and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 100 national and state publications. The Company’s stock is included in the Russell 3000 Index and the Russell 2000 index.

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