Illinois savings interest rates much worse today than in 2011
The Web's leading resource of local interest rate data, www.GoBankingRates.com, investigates historical deposit account rates offered by local Illinois banks and credit unions in its latest rate study. The report finds that average CD and savings account rates in Illinois have all fallen over the last two years, with 2-year CDs experiencing the biggest drop.
Go Banking Rates is continuing is state-by-state historical rate comparison by focusing on interest rates offered by local banks and credit unions in Illinois. The interest rate aggregating website compared Illinois's average rates on savings accounts, 6-month CDs, 1-year CDs and 2-year CDs in 2013 versus averages from two years ago.
According to the data compiled by Go Banking Rates, using its database of interest rates from more than 4,000 U.S. banks and credit unions, average deposit account interest rates in Illinois have dropped over the last two years; the smallest decrease was .14% for average savings account rates, while average 2-year CD rates fell most significantly by .54%.
Account Type: 2011 Average Rate; 2013 Average Rate
6-Month CD: 0.50% APY; 0.23% APY
1-Year CD: 0.76% APY; 0.37% APY
2-Year CD: 1.12 % APY; 0.58% APY
Savings Account: 0.33% APY; 0.19% APY
The study also compares current Illinois rankings in each deposit category against the rest of the U.S. states, with the goal of determining exactly how rates have fared over time in Illinois. These figures provide local depositors information they can use to find out if the best savings opportunities exist within their state or elsewhere.
To see the full report, click here.