New York Deposit Rates Rank Higher Than National Average in Go Banking Rates’ Latest Installment of ‘Best Interest Rates in Every State’ Series
Continuing in its “Best Interest Rates in Every State” series, www.GoBankingRates.com investigates the state of deposit interest rates in the Big Apple, and finds rates are actually more competitive in New York than national average deposit rates.
EL SEGUNDO, CA, November 26, 2012 – Finding the best interest rates on deposit accounts can be a tedious endeavor for those seeking out rates and institutions one by one. To help narrow down the search for the leading short-term and long-term CD accounts and the most aggressive savings accounts available, Go Banking Rates continues its Best Rates in Every State Series by focusing its study on New York deposit rates.
While deposit rates haven’t ranged very high compared to decades prior, local banks and credit unions in New York still hold their own by offering competitive interest rates compared to the national average.
Included in the study are deposit rates on products such as certificates of deposit (6-month CDs, 1-year CDs and 2-year CDs), as well as basic savings accounts from 69 financial institutions within the state of New York.
Across all deposit product types, New York interest rates came out above national deposit rate averages.
- 6-Month CD: 0.31% APY
- 1-Year CD: 0.47% APY
- 2-Year CD: 0.71% APY
- Savings Account: 0.21% APY
- 6-Month CD: 0.37% APY
- 1-Year CD: 0.52% APY
- 2-Year CD: 0.80% APY
- Savings Account: 0.27% APY
In the U.S., the average 6-month CD rate was at 0.31% APY, while average national rates for 1-year CDs and 2-year CDs continued their trend under one percent at 0.47% APY and 0.71% APY, respectively.
Depositors in New York are fairing slightly better with average interest rate earnings of 0.37% APY for 6-month CDs, 0.52% APY for 1-year CDs and 0.80% APY on long-term 2-year CD accounts.
Go Banking Rates interest rate data reveals that the average New York savings account rate of 0.27% APY isn’t too far off from the national savings average of 0.21% APY.
To make it easier for New Yorkers to find competitively high deposit products in the state, Go Banking Rates has identified the top 10 institutions offering the highest deposit rates for each financial product — 6-month CD, 1-year CD, 2-year CD and savings accounts.
About Go Banking Rates
Go Banking Rates (GoBankingRates.com) a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. Go Banking Rates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information. Go Banking Rates also regularly publishes expert advice from personal finance professionals.
GoBankingRates.com belongs to a network of more than 1500 finance websites, including GoInsuranceRates.com and GoFreeCredit.com. These sites receive more than 2 million visits each month.