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Bankrate: CD Yields Climb Slowly

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NU Online News Service, Nov. 13, 2003, 1:02 p.m. EST – Yields on money-market accounts and bank certificates of deposit crawled upward for the fourth straight week, according to a weekly national survey of large depository institutions by a unit of Bankrate Inc., North Palm Beach, Fla.

Yields on 21 of the 37 depository accounts that Bankrate tracks rose in the latest survey, which covers the week that began Wednesday. None of the yields fell, but none of the yields rose by more than 0.06 percentage points.

Long-term CDs showed a greater tendency to rise than shorter-term CDs, as has been the case for the past month, says Bankrate. Most short-term CDs with maturities shorter than a year stayed at record low levels.

Deposit averages from Bankrate’s national CD survey were:

  • Money-market account yield – 0.44%, unchanged from last week.
  • 6-month CD yield – 0.95%, up from 0.92% last week.
  • 1-year CD yield – 1.11%, up from 1.10%.
  • 5-year CD yield – 3.14%, up from 3.08%.