JANUARY 30, 2013
Arizona savings account rates rank dead-last in U.S. according to new GoBankingRates.com interest rate study
The web's leading interest rate aggregating website, www.GoBankingRates.com, released a study examining the savings and CD account interest rates offered by local Arizona banks and credit unions, comparing them against the rest of the country. The Go Banking Rates study finds that while Arizona CD rates are in line with national averages, the state's average savings account rates rank dead last when compared to the rest of the U.S. states.
EL SEGUNDO, Calif. – Go Banking Rates continues its “Best Rates in Every State” series by focusing on interest rates offered by local banks and credit unions in Arizona. The interest rate aggregating website compared Arizona's average rates on savings accounts, 6-month CDs, 1-year CDs and 2-year CDs against the national averages, and ranked the state against the rest of the U.S. for each deposit product.
According to the study, average CD interest rates in Arizona fall just below averages for the entire United States. Most alarmingly, however, the state's average savings account rates are significantly low.
In fact, according to the rankings compiled by Go Banking Rates, using its database of interest rates from more than 4,000 U.S. banks and credit unions, Arizona savings account rates rank last – below the rest of the 49 U.S. states and Washington DC:
• 6-Month CD: 43rd
• 1-Year CD: 40th
• 2-Year CD: 36th
• Savings Account: 51st
While this is unfortunate news for Arizona depositors, the Go Banking Rates study does include top 10 lists of the community institutions offering the highest interest rates in the state for both savings and CD accounts. While average rates as a whole are far from impressive, there are institutions in Arizona that offer competitive interest rates to help grow deposits.
To see the full report, click here.