Texas Interest Rates Rank in Top 10 for Highest Deposit Rates in U.S. According to New GoBankingRates.com Study

Leading interest rates website, www.GoBankingRates.com, investigates the savings rates offered by local Texas banks and credit unions in its latest "Best Rates in Every State" report. The study finds that average CD and savings account rates in Texas are significantly higher than nearly all U.S. states, ranking in a top 10 position for the highest average rates in all four categories.

February 19, 2013 – Go Banking Rates continues its “Best Rates in Every State” series by focusing on interest rates offered by local banks and credit unions in Texas. The interest rate aggregating website compared Texas's average rates on savings accounts, 6-month CDs, 1-year CDs and 2-year CDs against national averages, and ranked the state against the rest of the U.S. for each deposit product. 

According to the rankings compiled by Go Banking Rates, using its database of interest rates from more than 4,000 U.S. banks and credit unions, average deposit account interest rates in Texas are significantly higher than the national average in all categories:

Account Type: National Average Rate; Texas Average Rate

• 6-Month CD: 0.30% APY; 0.39% APY

• 1-Year CD: 0.45% APY; 0.56% APY

• 2-Year CD: 0.67% APY; 0.79% APY

• Savings Account: 0.21% APY; 0.27% APY

Additionally, Texas rankings are highly competitive as the state sits comfortably in a top 10 position for the highest rates in every category:

• 6-Month CD: 7^th

• 1-Year CD: 5^th

• 2-Year CD: 8^th

• Savings Account: 7^th

The study also names the top 10 financial institutions offering the highest deposit rates for each account type.

To see the full report, click here.

For questions about this report or to schedule an interview with a Go Banking Rates finance expert, please use the contact information below.

About Go Banking Rates

GoBankingRates.com is a national personal finance website dedicated to connecting readers with the best interest rates on bank products nationwide. The Go Banking Rates team manually collects interest rate information from over 4,000 banks and credit unions, making their database the only source of comprehensive and authentic local rate data.

GoBankingRates.com is the national flagship site within a network of more than 1,500 banking domains, including local partner site TexasBankingRates.com, which generate more than 2 million visits each month. Texas Banking Rates is a locally-focused website dedicated to connecting Texas readers with the best interest rates in the state on Certificates of Deposit, Savings Accounts, Auto Loans, Mortgages and more.