Washington Deposit Rates Among Worst in Country

Interest rate aggregating site, www.GoBankingRates.com, investigates the strength of interest rates offered by Washington banks and credit unions in its latest “Best Interest Rates in Every State” report. In addition to comparing the state’s average interest rates against the national averages, the study also finds that deposit rates in Washington are among the lowest in the country.

Go Banking Rates continues its “Best Rates in Every State” series by focusing on interest rates offered by local Washington banks and credit unions. The rate aggregating website compares Washington’s average rates on savings accounts, 6-month CDs, 1-year CDs and 2-year CDs against the U.S. averages, and ranked the state against the rest of the country for each deposit product.

The study, based on data from more than 4,000 financial institutions in Go Banking Rates’ database, finds that rates in the Evergreen State are below the national average in the savings category and all three CD categories.

Account Type: National Average Rate; Washington Average Rate

• 6-Month CD: 0.31% APY; 0.25% APY
• 1-Year CD: 0.46% APY; 0.36% APY
• 2-Year CD: 0.69% APY; 0.57% APY
• Savings Account: 0.21% APY; 0.20% APY

In terms of rankings, Washington also ranks within the bottom ten states in the country for CD account rate averages, and Washington savings account rates rank well under the bottom-half of national state rankings:

• 6-Month CD: 45th
• 1-Year CD: 48th
• 2-Year CD: 46th
• Savings Account: 31st

While average Washington deposit rate averages are low, the study identifies the top 10 Washington banks and credit unions offering the best interest rates in each product 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 WashingtonBankingRates.com, which generate more than 2 million visits each month. Washington Banking Rates is a locally-focused website dedicated to connecting Washington readers with the best interest rates in the state on Certificates of Deposit, Savings Accounts, Auto Loans, Mortgages and more.