Maryland Banks and Credit Unions Offer Better Rates than the National Average According to New GoBankingRates.com Study
www.GoBankingRates.com, the premier local interest rate aggregating website, continues its investigation into the state of deposit rates of banks and credit unions in Maryland for its “Best Interest Rates in Every State Series” and uncovers that interest rates in Maryland are higher than national average rates. Additionally, the study divulges where depositors can find the highest interest rates in the state.
Go Banking Rates continues its “Best Rates in Every State” series by focusing on interest rates offered by local banks and credit unions in Maryland. The interest rate aggregating website compared Maryland’s average rates on savings accounts, 6-month CDs, 1-year CDs and 2-year CDs against the national averages, and ranked the state against the rest of the U.S. for each deposit product. The findings reveal that deposit interest rates in Maryland are higher than the national average for financial institutions in the U.S.
The U.S. deposit rate averages and Maryland average interest rates are as follows:
Account Type: National Average Rate; Maryland Average Rate
- 6-Month CD: 0.31% APY; 0.34% APY
- 1-Year CD: 0.46% APY; 0.53% APY
- 2-Year CD: 0.69% APY; 0.75% APY
- Savings Account: 0.21% APY; 0.24% APY
While interest rates in the state of Maryland already exceed the national average, individuals looking to earn more have an opportunity to receive higher deposit rates from the banks and credit unions in Maryland specified on the study’s top 10 institutions for each rate category.
To see the full report, click here.
About Go Banking Rates
GoBankingRates.com is a national personal finance website dedicated to connecting readers with the best interest rates on bank products nationwide. The Go Banking Rates team manually collects interest rate information from over 4,000 banks and credit unions, making their database the only source of comprehensive and authentic local rate data.
GoBankingRates.com is the national flagship site within a network of more than 1,500 banking domains, including local partner site MarylandBankingRates.com, which generate more than 2 million visits each month. Maryland Banking Rates is a locally-focused website dedicated to connecting Maryland readers with the best interest rates in the state on Certificates of Deposit, Savings Accounts, Auto Loans, Mortgages and more.