Oklahoma interest rates rank No. 1 in United States
BY LAURIE WINSLOW World Staff Writer
Thursday, February 07, 2013
The average certificate of deposit and savings account rates in Oklahoma are higher than nearly all U.S. states, according to a study by GoBankingRates.com.
Continuing its “Best Rates in Every State” series, Go Banking Rates focused on interest rates offered by local banks and credit unions in Oklahoma.
The website compared Oklahoma’s average rates on savings accounts as well as six-month, one-year and two-year CDs against national averages, and ranked the state against the rest of the United States for each deposit product.
Oklahoma interest rates rank first when compared to the rest of the United States in every category except for two-year CD rates, which still ranked high at No. 5, according to the study.
For example, the average percentage yield on a one-year CD in Oklahoma was 0.64 percent compared to 0.46 percent for the nation.
Likewise, the annual percentage yield of a savings account in Oklahoma was 0.34 percent compared to 0.21 percent for the nation, according to the report.
Rates are based on institutions’ online published rates as of Dec. 31, 2012.
Go Banking Rate used its database of interest rates from more than 4,000 U.S. banks and credit unions to find that the average deposit account interest rates in Oklahoma are higher than the national average in all categories.
The study included banks and credit unions with branches located solely in Oklahoma or with headquarters in the state.