El Segundo, CA (PRWEB) November 11, 2012
Local banks and credit unions have been gaining attention over the past couple of years for their low fees and competitive interest rates in comparison to national institutions. The problem? Consumers who are ready to make the switch to a local bank can have a difficult time knowing where to go.
In the first installment of the Go Banking Rates "Best Rates in Every State" series, the site examines which community banks and credit unions are currently offering the highest Florida CD rates and savings account rates so residents can identify the top institutions nearby.
Average Florida Interest Rates
Go Banking Rates examined the rates available in its database of more than 4,000 banks, and narrowed them down to only those offered by Florida banks and credit unions. This left a pool of over 100 institutions in Florida alone.
Interestingly, the average interest rates in Florida matched almost exactly those of the national averages for financial institutions offing certificates of deposit and savings accounts.
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
Florida Interest Rate Averages
6-Month CD: 0.30% APY
1-Year CD: 0.47% APY
2-Year CD: 0.69% APY
Savings Account: 0.22% APY
However, Florida residents have the opportunity to earn much higher rates than these averages — below are the highest savings account and CD rates from local Florida institutions right now.
Best CD Rates in Florida
Beginning with CD rates, Go Banking Rates explored the interest rates presently offered by financial institutions in Florida for 6-month, 1-year and 2-year terms. While many of the same banks repeatedly showed up in the top ten for each term, the bank offering the highest rate differed in each category.
For 6-month CDs, Biscayne Bank offers the highest rate available in the state, according to our database, at .75% APY. It is followed closely by three banks offering .65% APY: The Bank of Commerce, GiantBank and Citizens State Bank. Bringing up the tenth spot is Bank of Coral Gables with a 6-month CD rate of .50% APY.
Biscayne Bank once again leads with the best 1-year CD rate in Florida at 1.10% APY, followed by Heritage Bank of Florida with a rate of .95% APY. Bank of Coral Gables takes the 10th spot once again.
Finally, Citizens State Bank tops the list of highest 2-year CD rates in Florida with a rate of 1.21% APY. Two institutions take the second spot with a rate of 1.20% APY — Railroad & Industrial Federal Credit Union and Biscayne Bank. EverBank rounds out the top ten with a 2-year CD rate of 1.01% APY.
Highest Florida Savings Account Rates
As for savings accounts, Biscayne Bank again offers the highest rate of 1.00% APY, followed by EverBank and J.M Associates Credit Union offering .76% APY and .55% APY, respectively.
Note that the interest rate information used in this study is as of October 25, 2012, based on the interest rates published online by these institutions. Rates could change at any time and it’s recommended that interested depositors verify interest rates with individual institutions.
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.
For questions or comments, please contact:
Jaime Catmull, Director of Public Relations