Before the recession, Phoenix depositors could easily yield 6 percent interest annually from a certificate of deposit, while today’s depositors are lucky to earn more than 0.18 percent on a short-term CD. By reviewing GoBankingRates.com’s latest comparison of CD interest rates on the city, state and national level, local account holders can identify the CD accounts with the highest yields while keeping up with the interest trends.
“When weighing various certificate of deposit accounts, consumers should capitalize on ones with the highest yield since they will directly impact their overall wealth,” said Amanda Garcia, local banking expert for GoBankingRates.com. “That’s why residents of Phoenix need to know if their CD is earning just as much money as depositors with CDs in other parts of Arizona or the United States.”
As the cost of borrowing increases with mortgage rates on the rise, deposit rates remain historically low overall, diminishing the purchasing power of depositors across the nation.
“While CD rates in cities across the United States remain low and the median family net worth has dropped by approximately 38.8 percent since 2007, certificates of deposits are still a secure place to store savings,” said Garcia. “However, Phoenix depositors might want to consider opening CDs in other parts of Arizona to maximize their interest earnings and grow their savings accordingly.”
Average Deposit Rates: Phoenix; Arizona; National
- Six-Month CD: 0.16% APY; 0.20% APY; 0.18% APY
- One-Year CD: 0.27% APY; 0.30% APY; 0.27% APY
- Two-Year CD: 0.44% APY; 0.45% APY; 0.43% APY
Banks and credit unions in Phoenix currently offering the best CD rates for local depositors include:
- Goldwater Bank
- Comerica Bank
- MidFirst Bank
- Mutual of Omaha Bank
- Meridian Bank, NA
- Sunrise Bank of Arizona
- BBVA Compass
See the full study on GoBankingRates at http://bit.ly/13DGoRL.
For questions about this study or to speak with Amanda Garcia, please use the contact information below.
About This Study
GoBankingRates.com collects interest rates from more than 4,000 banks and credit unions across the United States. Its database, which is powered by Informa Research Services, aggregates CD, savings, money-market and checking account rates as well as auto and mortgage loans. The rates in this study are based on institutions’ online published rates as of July 24, 2013.