FOR IMMEDIATE RELEASE
The Web’s leading resource of local interest rate data, www.GoBankingRates.com, investigates historical deposit account rates offered by local Wisconsin banks and credit unions in its latest rate study. The report finds that average certificate of deposit and savings account rates in Wisconsin have fallen considerably over the last two years, with an average 50% change between 2011 and 2013 rates.
March 7, 2013 – GoBankingRates is continuing its state-by-state historical rate comparison by focusing on interest rates offered by local banks and credit unions in Wisconsin. The interest rate aggregating website compared Wisconsin’s average rates on savings accounts, 6-month CDs, 1-year CDs and 2-year CDs in 2013 against averages from two years ago.
According to the rankings compiled by GoBankingRates, using its database of interest rates from more than 4,000 U.S. banks and credit unions, average deposit account interest rates in Wisconsin have dropped over the last two years.
The smallest decrease was for average savings account rates with just a .15% average decline, a 44 percent difference in values, while average 2-year CD rates fell most significantly by .63%, representing a 48 percent change from 2011 figures.
In fact, the overall average percentage of change between 2013 and 2011 interest rates was 50 percent.
Account Type: 2011 Average Rate; 2013 Average Rate
6-Month CD: 0.71% APY; 0.31% APY
1-Year CD: 0.98% APY; 0.46% APY
2-Year CD: 1.32% APY; 0.69% APY
Savings Account: 0.34% APY; 0.19% APY
Casey Bond, GoBankingRates managing editor, explains, “CD rates are set not based on today’s economic situation, but the future. It makes sense, then, that longer-term deposit account rates such as 2-year CD rates would experience the largest drop during the aftermath of a recession.”
The study also compares current Wisconsin rankings in each deposit category against the rest of the U.S. states, with the goal of determining how rates have fared over time in Wisconsin.
To see the full report on Wisconsin interest rates, click here.
For questions about this report or to schedule an interview with a GoBankingRates finance expert, please use the contact information below.
About GoBankingRates
GoBankingRates.com is a national personal finance website dedicated to connecting readers with the best interest rates on bank products nationwide. The GoBankingRates 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 WisconsinBankingRates.com, which generate more than 2 million visits each month. WisconsinBankingRates is a locally-focused website dedicated to connecting Wisconsin readers with the best interest rates in the state on Certificates of Deposit, Savings Accounts, Auto Loans, Mortgages and more.
To learn more about local savings account and CD rates, visit our interest rate table.
Contact:
Jaime Catmull, Director of Public Relations
www.GoBankingRates.com | www.WisconsinBankingRates.com
JaimeC@GoBankingRates.com
310.297.9233 x261
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