CDs
- 0.48% (1-year CD yields)
- 1.59% (5-year CD yields)
Here's a look at the state of CD rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Jan. 26, 2011.
After a couple of weeks of scant upward momentum, CD rates inched down.
The average one-year CD yield remains at 0.48 percent for the sixth week in a row, but the five-year CD yield fell 1 basis point to 1.59 percent.
Jumbo CDs followed the same trend with the one-year yield on a jumbo CD at 0.53 percent for the third week in a row. The five-year jumbo yield fell 2 basis points to 1.6 percent.
The average money market account yield is 0.18 percent.
Starbucks began pilot testing smart phone payments at select stores more than a year ago. That program has been expanded to 6,800 more stores, American Banker reported on Jan. 20, "Starbucks serves up mobile payments at another 6,800 stores."
A downloadable application allows customers to have their phones scanned at checkout. The app generates a bar code, which is read by the scanner and the money is taken out of the customer's prepaid account, the story reported.
Wallets may get a lot smaller when payment information is stored in a phone rather than on a plastic card.
Check Bankrate's rate tables for high-yield CDs and high-yield money market accounts.
All deposit products listed with Bankrate are FDIC-insured.
-- Sheyna Steiner