Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted April 23, 2008.
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CDs
Yields: 1.93 percent (1-year CD yield); 2.75 percent (5-year CD yield)
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For the second week in a row the movement in CD yields, as monitored by Bankrate.com, have been very slight. The average yield for a one-year CD is up 1 basis point to 1.93 percent, while the five-year is unchanged at 2.75 percent. The jumbo one-year CD yield is unchanged at 2.1 percent, while the five-year jumbo rose 1 basis point to 2.86 percent.
Except for individuals seeking absolute safety for their cash, these yields aren't worth bothering with, but there may be some hope that we'll see ever-so-slightly improved yields going forward.
The stock market is looking less risky; certain sectors are booming and money is coming out of retail money market funds as investors look to recoup some of their losses. If banks want to maintain deposit levels, they may have to make their CDs a tad more appealing.
-- Laura Bruce
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CD rates in your area. |
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July 30 - Aug. 5
