Bank Rate Monitor Index

What Does Bank Rate Monitor Index Mean?
An index of money market interest rates paid on deposits at 100 banks in the United States. The index is comprised of the average of interest rates paid on different types of consumer savings on deposit.

Investopedia explains Bank Rate Monitor Index
Bank Rate Monitor Inc. compiles the Bank Rate Monitor Index on a weekly basis. The statistic is reported in many daily newspapers and serves as an important benchmark rate for the banking system.

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