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SOURCE: Go Banking Rates
Go Banking Rates recently surveyed its database of more than 4,000 banks and credit unions to find the U.S. financial institutions still offering competitive savings account interest rates despite the low national average. The study revealed a total of 57 local credit unions, community banks, and online institutions are providing their customers savings rates of .75% APY or higher.
El Segundo, CA (PRWEB) October 13, 2012
In response to the recent Federal Reserve announcement that interest rates will remain between 0.0 and 0.25% through 2015, Go Banking Rates performed a study of the best savings account rates available today from thousands of banks and credit unions in the United States to find a total of 57 accounts with a rate of .75% or higher.
The study also found that credit unions have remained the most reliable source for higher savings rates, as 32 — or a little over half — of the top interest rates are offered by these not-for-profit financial cooperatives. The majority of the remaining 25 savings accounts can be found at community banks, as well as a handful of national and online banks.
Making the top of the list for having the best interest rates on savings is Houston Police Credit Union with an impressive rate of 1.51% APY. Illinois National Bank tied for first place, also offering 1.51% APY, followed by eight institutions providing a savings account interest rate of 1.00% APY and up.
While the top savings account interest rates are spread out throughout the country — even Alaska and Hawaii offering up a couple of top rates — most of the institutions on the list are clustered near the East Coast. However, there are several online banks offering competitive savings rates as well, which means depositors can take advantage of higher-than-average returns regardless of where they live.
About 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.
GoBankingRates.com is a division of ConsumerTrack, Inc., an 8-year leader in online lead generation, performance-based marketing, and customer acquisition in the financial, insurance and credit sectors. The company’s portfolio of 1500 finance websites includes GoBankingRates.com, GoInsuranceRates.com, and GoFreeCredit.com. These sites receive more than 2 million visits each month.
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