Deposit Account News: Savings, Checking, CD Rates Drop Another 3 percent

Deposit Account News: Savings, Checking, CD Rates Drop Another 3 percent

Savings

The average savings account rate in the United States decreased by more than 3 percent in January, from 0.266 percent in January to 0.257 percent in February. The average rate among the top 10 percent of the most competitive nationwide banks decreased by more than 3 percent, from 0.805 percent to 0.779 percent. Alabama has the best average rate in the nation, at 0.46 percent, while Arizona has the worst, at 0.15 percent.

Checking

The average checking account rate decreased by more than 3 percent, from 0.164 percent in January to 0.159 percent in February. The average rate among the top 10 percent of the most competitive nationwide banks decreased by more than 3 perecent, from 0.581 percent to 0.563 perecent. Virginia has the best average rate in the nation, at 0.27 percent, while Idaho has the worst, at 0.08 percent.

One-Year CD

The average 1-year CD rate decreased by more than 3 percent, from 0.608 percent in January to 0.592 percent in February. The average rate among the top 10 percent of the most competitive nationwide banks decreased by more than 1 percent, from 1.106 percent to 1.09 percent. Oklahoma has the best average rate in the nation, at 0.75 percent, while Nevada has the worst, at 0.42 percent.

Five-Year CD

The average 5-year CD rate decreased by more than 2 percent, from 1.687 percent in January to 1.651 percent in February. The average rate among the top 10 percent of the most competitive nationwide banks decreased by more than 2 percent, from 2.337 percent to 2.296 percent. New Hampshire has the best average rate in the nation, at 1.90 percent, while Nevada has the worst, at 1.32 percent.

Reward Checking

The average reward checking account rate decreased by more than 2 percent, from 1.486 percent in January to 1.455 percent in February. The average rate among the top 10 percent of the most competitive nationwide banks decreased by more than 1 percent, from 3.381 percent to 3.339 percent. The average balance cap for reward checking accounts fell from $22,512 to $22,495.05. Louisiana has the best average rate in the nation, at 2.09 percent, while Hawaii has the worst, at 0.70 percent. The balance cap is the maximum balance that qualifies for the reward checking account's top rate.

Source: DepositAccounts.com.