It's true that savings interest rates are down across the board, which only means taking time to find the best rates, whether locally or elsewhere, is more important than ever. Every little bit helps.
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Dallas, TX (PRWEB) June 13, 2013
Thanks to the Fed, depositors can expect savings interest rates to remain near zero through the rest of this year. Even so, there are a handful of financial institutions still striving to offer customers high-yield options, many of which are local banks and credit unions. Interest rate-aggregating site DallasBankingRates.com recently performed a study comparing Dallas savings rates with the state and nation as a whole to determine if depositors in Dallas have access to competitive local banking.
Using its database of more than 5,000 banks and credit unions throughout the U.S., DallasBankingRates compiled interest rates in Dallas, Texas for savings accounts, as well as 6-month, 1-year, and 2-year CDs, comparing averages for each deposit product against state and national averages. DallasBankingRates also identified the ten community financial institutions in the city currently offering the highest savings account rates.
According to the data compiled by DallasBankingRates, average deposit account interest rates in the state of Texas are much higher than national averages, but in Dallas specifically, deposit rates were equal to or lower than state and U.S. averages.
Average Deposit Rates: Dallas – Texas – National
6-Month CD: 0.28% APY; 0.36% APY; 0.29% APY
1-Year CD: 0.43% APY; 0.52% APY; 0.43% APY
2-Year CD: 0.64% APY; 0.74% APY; 0.64% APY
Savings: 0.16% APY; 0.25% APY; 0.20% APY
Top 11 Savings Account Rates in Dallas
The Local Federal Credit Union: 0.75% APY
Liberty One Credit Union: 0.50% APY
Texas Telcom Credit Union: 0.50% APY
Prestige Community Credit Union: 0.40% APY
Southwest Financial Federal Credit Union: 0.30% APY
Dallas Credit Union: 0.26% APY
Chemcel Federal Credit Union: 0.25% APY
City Credit Union: 0.25% APY
Green Bank: 0.25% APY
Resource One Credit Union: 0.25% APY
Southwest Airlines Federal Credit Union: 0.25% APY
Managing editor for DallasBankingRates, Casey Bond, explains that even though high-yield savings options are few and far between, opportunities for local depositors still exist.
"It's true that savings interest rates are down across the board, which only means taking time to find the best rates, whether locally or elsewhere, is more important than ever. Every little bit helps," she adds.
For more information or to speak with a DallasBankingRates expert, please use the contact information below.
About GoBankingRates | DallasBankingRates
GoBankingRates.com is the national flagship site within a network of more than 1,500 banking domains, including local partner site AtlantaBankingRates.com, which generate more than 2 million visits each month. DallasBankingRates is a locally-focused website dedicated to connecting Dallas readers with up-to-date interest rate information, financial news and investing tools.
Jaime Catmull, Director of Public Relations
GoBankingRates.com | DallasBankingRates.com