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Quick Cash Access May Be Culprit Behind Deposit Flux

Rates and balances for money market accounts and certificates of deposit continue to seesaw indicating that consumers may be reluctant to lock their money amid economic uncertainty.

By Michelle A. Samaad | Updated on July 06, 2010

Rates and balances for money market accounts and certificates of deposit continue to seesaw indicating that consumers may be reluctant to lock their money amid economic uncertainty.

That’s according to research firm Market Rates Insight. Nationwide, MMA rates at banks kept up their downward trend. However, balances increased by $380 billion in the first half of the year. The data tracked does not include rates at credit unions. The average rates for CDs are also continuing to drop with balances mirroring the slide. MRI found that balances decreased from $128 billion for short-term CDs up to one year and were virtually flat for those over three years.

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