The findings do not bode well for Pennsylvania savers who are already struggling with saving money.
EL SEGUNDO, CALIFORNIA (PRWEB) December 13, 2012
http://www.GoBankingRates.com investigates the condition of interest rates in a particular state in its ‘Best Interest Rates in Every State’ series to evaluate how state deposit rates match up against national averages. Its latest installment isolates rates data collected from local banks and credit unions in the Keystone State of Pennsylvania to give in-state savers perspective as to where their savings stand amongst the nation, and to provide an easy and accessible resource on which financial institutions are offering the most competitive interest rates.
The state interest rates surveyed in the Pennsylvania interest rates study did not measure up to the country’s average deposit rates for certificate of deposit (CD) products and savings accounts. National interest rates averaged out at 0.31% APY, 0.47% APY and 0.71% APY for 6 -month CDs, 1-year CDs and 2-year CDs, respectively.
“The findings do not bode well for Pennsylvania savers who are already struggling with saving money,” says Jennifer Calonia, Go Banking Rates personal finance expert reporting on the study.
In comparison, Pennsylvania CD rates came through with unimpressive results. In every CD term category (i.e. 6-month CDs, 1-year CDs and 2-year CDs), average state CD rates were well below the national average. Short-term CDs in Pennsylvania were at an average 0.28% APY, presenting almost no competition against lower-yield deposit products like savings accounts. One-year CD accounts in the state were at 0.42% APY, while long-term certificates fell in at just 0.65% APY.
The only category that kept Pennsylvania interest rates on pace with the remainder of the country were savings account rates, with an average of 0.21% APY which were in line with national averages for that deposit product.
Despite CD rates bottoming out in Pennsylvania, depositors still have key opportunities available that help them stay focused on their savings goals, and Go Banking Rates identifies the top 10 financial institutions offering the best CD rates and savings account rates in the state to help give consumers a clear direction of where the best deposit rates are in the state.
The next installment of the ‘Best Interest Rates in Every State’ series is scheduled to launch on Wednesday, December 19, 2012 on http://www.GoBankingRates.com. The report will highlight rates in The Buckeye State, Ohio.
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 employs a team that manually collects interest rate information from individual community banks and local credit unions in every U.S. state, in addition to national and online banks, making it the only online rates aggregator with the ability to provide the comprehensive and authentic local interest rate information.
In fact, the Rates Table populated by Go Banking Rates data is the most extensive in the industry, displaying interest rate information from more than 4,000 U.S. financial institutions.
GoBankingRates.com belongs to a network of more than 1500 finance websites, including GoBankingRates.com, PennsylvaniaBankingRates.com, and GoFreeCredit.com. These sites receive more than 2 million visits each month.
Pennsylvania Banking Rates (PennsylvaniaBankingRates.com) is a locally-focused website dedicated to connecting readers with the best interest rates on financial services within the state of Pennsylvania, as well as informative personal finance content on CD Rates, Savings Accounts, Auto Loans and Mortgages.
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