LOS ANGELES, Dec. 2, 2015 /PRNewswire/ -- In the current low-interest-rate environment, high deposit rates are few and far between -- but they still exist. Depositors can find and take advantage of rates as high as 10.00% APY if they turn to local credit unions and community banks, finds a new interest rate investigation from leading personal finance website GOBankingRates.com.
In this study, GOBankingRates.com used its proprietary interest rate database with data from over 4,000 national and local financial institutions to find the highest checking, savings or certificate of deposit rate offered in each state.1 The study's findings can help depositors compare their states' rates and quickly find the local financial institution offering the biggest return.
10 Best Bank Account Rates Today:
1. 10.00% APY in Ohio from Bridge Credit Union
2. 7.52% APY in Washington from O Bee Credit Union
3. 7.50% APY in Wisconsin from Landmark Credit Union
4. (tie) 7.00% APY in California from Schools Financial Credit Union
4. (tie) 7.00% APY in Michigan from Community West Credit Union
6. 6.02% APY in Missouri from Gateway Metro Federal Credit Union
7. 6.00% APY in Georgia from Georgia Heritage Federal Credit Union
8. 5.10% APY in Alabama from Guardian Credit Union
9. 5.05% APY in Virginia from Beacon Credit Union
10. 5.01% APY in Nebraska from SAC Federal Credit Union
To see details on the rates above as well as the full study findings, visit:
"Credit unions and local banks really offer the best of both worlds to their customers," said Elyssa Kirkham, lead reporter on the study. "These accounts often have low fees, or no fees, while delivering some of today's best returns on deposits."
Highest interest rates offered on checking: Of the 10 highest rates in the study, seven were offered on high-interest checking accounts, rather than saving accounts or CDs.
High rates are conditional: Many banks and credit unions require account holders to meet certain requirements to qualify for their highest rates. Common prerequisites included enrollment in e-statements and meeting a minimum number of transactions each month.
Lower "best rates" offered on CDs: Among the 10 states with the lowest "best rates," six of the best rates were offered on certificates of deposit.
1 Methodology: GOBankingRates used its database which aggregates rates from more than 4,000 financial institutions to identify the best deposit rate offered by a financial institution based in that state. Rates were surveyed throughout October, and the final best deposit rates for each state were verified against each financial institution's website and are accurate as of Nov. 20, 2015. The deposit products considered in this study were CDs and share certificates with terms up to five years, savings accounts, and checking accounts.
GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, DailyFinance, Huffington Post and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.
Connie Lundegard, Media Relations
Note: None of the institutions paid to be included in this study. None of the institutions listed above are clients of GOBankingRates.