Interest Checking Rate Can Beat Money Markets


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Some banks are offering special interest rates on checking accounts that are beating the national money market average.

First Federal Bank of California, for example, is advertising a 4.16% rate on its interest-bearing checking accounts for California customers, and Salem Five Direct is offering 2.75% for New York checking account customers, according to

Money market rates fell to a national average of 0.95% this week from 0.97% last week.

CD interest rates also ticked down across the board, with three-month CDs offering an average 1.72% this week vs 1.73% last week and 60-month rates averaging 3.36% this week vs. 3.37% last week.

For borrowers, mortgage rates, home-equity loans and auto loans are getting more expensive.

The average interest rate on a 30-year fixed mortage rose to 6.72% from 6.33% and the 15-year fixed rate jumped to 6.52% from 6.15%.

Home-equity loans are costing an average 8.20% in interest for an 84-month term, up from 8.12%. The average interest rate for a 36-month new car loan increased to 6.78% from 6.70%.

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