Chicago’s Savings Rates are on the Rise
FOR IMMEDIATE RELEASE:
Chicago, Illinois – June 28, 2011 – While national savings account interest rates have remained relatively flat in 2011, a recent rate analysis conducted by Chicago Banking Rates (www.chicagobankingrates.com) finds that Chicago savings rates have actually increased over a six-month period. This data indicates that location plays an important role in earnings opportunities, and researching rates on a local level may make a difference in the ability to maximize savings.
The study examined a database of savings account interest rates at local banks and credit unions within a 50-mile radius of Chicago, from the period of January to June 2011, to determine whether they are trending up or down. The historical data has also been visually represented in an accompanying infographic of Chicago savings rates, along with state-by-state and national comparisons of current rates.
Chicago Savings Rates Rise by 0.04%
U.S. savings rates from January to June declined only .03%, representing almost no change over the past six months. Today’s national average rate is .34% APY.
Chicago savings rates, on the other hand, rose by 0.04%, making the average savings account rate in the city 0.31% APY.
These results are in stark contrast to the city with the highest average rate today at .71% APY, New York, which also boasts the largest jump in rates (0.24%) since January. San Francisco experienced the greatest loss over the six month period of .27%, but it’s Arlington that ranks last in terms of current average savings rate at just .08% APY.
About Chicago Banking Rates
Chicago Banking Rates is a comprehensive online resource for the best interest rates on financial services in Chicago, as well as informative personal finance content and helpful tools. It is a part of the Go Media Network, which includes more than 2,000 personal finance websites, providing two million visitors per month with information, tools and ideas to address their banking, credit and insurance needs. The sites aggregate financial rate information, offering consumers the best rates on personal financial products locally and nationally from banks and credit unions, insurance providers, lenders and other financial institutions.
Contact:
Amanda Paxson
Senior Web Producer
amandap@consumertrack.com
