Tags: interest | rates | banks | Citibank

Study: New Orleans Gets Highest Average Savings Rate From 10 Largest Banks

By    |   Monday, 24 March 2014 03:01 PM

The 10 largest banks in the country on average offer the highest rate on savings accounts to customers in New Orleans, according to a survey of the biggest city in each state by WalletHub, a personal finance Website.

The average annual percentage yield for savings accounts at the big banks in New Orleans is 0.055 percent compared to an average rate of 0.036 percent for the banks in all 50 cities.

Boston placed second at 0.053 percent; Burlington, Vt. third at 0.050 percent; and Houston fourth at 0.047 percent.

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Little Rock, Ark.; Indianapolis; Detroit; Kansas City, Mo.; and Oklahoma City, Okla. tied for last at 0.01 percent.

Citibank is the only one of the big 10 banks that has consistently different standard savings account rates by region, according to the survey.

On balances of $10,000 or more, Citibank customers in Boston, Philadelphia and Wilmington, Del., earn interest at twice the rate of customers in Chicago, Baltimore and Washington, DC.

The survey showed no regional variation in checking account interest rates for the 10 largest banks.

While interest rates on savings accounts are low, Bankrate.com offers a list of banks that offer rates as high as 0.95 percent.

"It's important for people to shop around even in a low-rate environment," Greg McBride, senior financial analyst for Bankrate, told CNNMoney. "There's still a vast difference in what you'll find."

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The 10 largest banks in the country on average offer the highest rate on savings accounts to customers in New Orleans, according to a survey of the biggest city in each state by WalletHub, a personal finance Website.
interest,rates,banks,Citibank
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2014-01-24
Monday, 24 March 2014 03:01 PM
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