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Interest Rate Roundup   July 30 - Aug. 5
  Each week, Bankrate takes a look at the state of interest rates on five banking
  products from Bankrate.com's weekly national survey of large banks and thrifts. 
 
Interest Rate Roundup

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 Jan. 14, 2009.

Interest Rate Roundup
CDs

Yields: 1.75 percent (1-year CD yield); 2.53 percent (5-year CD yield)

You didn't really expect the news to be any better this week, did you?

CD yields continue getting battered in this ugly, ugly economic climate. The average yield for a one-year CD, as surveyed by Bankrate.com, dropped 4 basis points this week to 1.75 percent. The average five-year yield now stands at 2.53 percent, down 9 basis points. For the jumbos, the numbers came in at 1.85 percent on the one-year and 2.55 percent on the five-year, down 7 basis points and 8 basis points respectively. A basis point is one-hundredth of a percentage point.

Savers have been hit hard for more than a year and now the yields are falling faster as everyone else piles into FDIC or government-backed investments.

Even the high-yield CDs are showing wear and tear. One-year CDs, that routinely sported yields above 3 percent just a couple weeks ago, are now slipping rapidly below that level. Nevertheless, a few institutions are still paying 3 percent, so visit our high-yield CD database and see what's available.

The average yield for money market accounts slipped 1 basis point to 0.58 percent. It's a lot easier, in this category, to find significantly better rates. Our high-yield money market database is populated by many banks offering 2.5 percent to 3 percent or better. You sacrifice the guaranteed rate but, on the other hand, you have liquidity. All deposit accounts on Bankrate are FDIC insured.

-- Laura Bruce

 See CD rates in your area.

Bankrate.com's corrections policy
-- Posted: Jan. 15, 2009
 
 
 
 RESOURCES
Experts predict where rates are headed
Fed Outlook blog
Graph rates for the past three months
 TOP SAVINGS STORIES
Winners and losers: Certificates of deposit
Winner or loser: Mortgage shopper
Winner or loser: Home equity loans
 



TABLE OF CONTENTS
 
 
 
 
Checking and Savings
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
Interest checking 0.43%
MMA 0.38%
$10K MMA 0.34%
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