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.
Deposit Account National Averages
6-Month CD: 0.31% APY
1-Year CD: 0.47% APY
2-Year CD: 0.71% APY
Savings Account: 0.21% APY
New York Interest Rate Averages
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.
Click here to see the full study. (http://www.gobankingrates.com/
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