Consumers shift deposits to 'quick-cash' accounts.

• Position: MARKETING NEWS - Brief article

CONSUMERS ARE RELUCTANT to lock into certificates of deposit and are, instead, placing their money into easily accessible money market accounts--even if it means a lower interest rate on these accounts, according to a new analysis from Market Rates Insight (MRI), San Anselmo, Calif.

While the national average interest rate for money market and certificates of deposit continued its downward trend in the first half of 2010, balances for money market accounts increased by $380 billion, while balances for CDs dropped by $128 billion for short-term (up to one year) and was virtually...