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CD rates are on the rise

WAIT FOR THE RATE! That teasing message, placed in New York City newspapers by Citibank last week, is among a growing number of signs that the battle for consumers' savings is heating up again. Starting in October, federal regulators will let U.S. banks and savings and loans pay whatever interest they want on certificates of deposit. The yield on most CDs is now tied to U.S. Treasury bill rates; a six-month certificate, for example, currently pays about 9.53%.

While the coming battle is unlikely to match the one ignited by last December's debut of bank and S...

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