CHICAGO, April 28, 2014 /PRNewswire/ -- Average interest rates on Chicago deposit accounts are trailing behind already-low national averages by as much as 13 basis points, according to leading personal finance website GOBankingRates. A study of CD, checking, savings and money market accounts across the country found Chicago banks and credit unions offer below-average rates for all deposit products surveyed.
Fortunately, some local financial institutions provide deposit account rates that are 11 to 17 times the local average.
"The disparity between average local interest rates and the best rates in Chicago is huge, underscoring how crucial it is for savers in the city to choose the best local product," said Casey Bond, editor for GOBankingRates. "The difference in earnings can be substantial."
The highest deposit rate in Chicago comes from Great Lakes Credit Union, which earns savers 3.00% APY on their Ultimate Checking account.
"Our goal is to encourage our members to use GLCU as their primary financial institution," said John Skul, AVP of Marketing for Great Lakes Credit Union. "Offering them a fantastic rate is a win-win for both GLCU and our members – they receive a great interest rate on their checking account and we benefit when they meet the criteria to receive the great rate."
The next highest rate in Chicago is 2.01% APY, offered by Standard Bank & Trust Company's My Green Checking account, followed by a 2.00% APY from Baxter Credit Union's Power Interest Checking account.
GOBankingRates is a personal finance website that connects consumers with the best credit unions, banks and interest rates nationwide. GOBankingRates aggregates more than 11 million interest rates from more than 6,000 financial institutions.
Survey Methodology: The GOBankingRates study considered savings, checking, CD and money market accounts available at banks and credit unions in Chicago and Cook County. Criteria included promotions, specials and base rates, as well as six-month, one-year and two-year CDs, with an assumed $10,000 deposit. Interest rates were collected between April 1 and April 3, 2014. GLCU is a client of ConsumerTrack, the parent company of GOBankingRates.