Local Rhode Island Banks and Credit Unions Offer Highest 2-Year CD Rates in Entire Nation, According to New GoBankingRates.com Study

The Web's top source for local interest rates,www.GoBankingRates.com, examines the interest rates offered by local financial institutions in Rhode Island in its latest "Best Rates in Every State" series. The Go Banking Rates study finds that Rhode Island financial institutions rank number one in the country for the highest average 2-year CD rates, in addition to ranking in the top five for savings account and short term CD rates, giving consumers a convenient path toward smart savings.

Depositors of Rhode Island banks and credit unions offer higher-than-average returns from 6-month, 1-year and 2-year certificates of deposit, and savings accounts, according to Go Banking Rates’ latest “Best Interest Rates in Every State” series. Findings in the study reveal that the state ranks no. 5 and above for all deposit account types, with the Rhode Island’s standings as follows:

• 6-Month CD: 5th
• 1-Year CD: 4th
• 2-Year CD: 1st
• Savings Account: 2nd

In addition to its high state-by-state rankings, average Rhode Island deposit rates far exceeded the national averages in each category.

Account Type: National Average Rate; Rhode Island Average Rate

• 6-Month CD: 0.31% APY; 0.40% APY
• 1-Year CD: 0.46% APY; 0.59% APY
• 2-Year CD: 0.69% APY; 0.96% APY
• Savings Account: 0.21% APY; 0.32% APY

The study also ranks the top 10 financial institutions in the state, along with their currently offered rates, for each type of deposit account.

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 RhodeIslandBankingRates.com, which generate more than 2 million visits each month. Rhode Island Banking Rates is a locally-focused website dedicated to connecting Rhode Island readers with the best interest rates in the state on Certificates of Deposit, Savings Accounts, Auto Loans, Mortgages and more.