EL SEGUNDO, CA, March 1, 2013 -- GoBankingRates is continuing is state-by-state historical rate comparison by focusing on interest rates offered by local banks and credit unions in Maine. The interest rate aggregating website compared Maine's average rates on savings accounts, 6-month CDs, 1-year CDs and 2-year CDs in 2013 versus 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 Maine have dropped over the last two years; the smallest decrease was just .02% for average savings account rates, while average 2-year CD rates fell most significantly by .41%. The average percentage change between interest rates from 2011 and 2013 rates among all four categories is 32%.
Account Type: 2011 Average Rate; 2013 Average Rate
6-Month CD: 0.54% APY; 0.31% APY
1-Year CD: .72% APY; 0.43% APY
2-Year CD: 1.10% APY; 0.69% APY
Savings Account: 0.22% APY; 0.20% APY
Go Banking Rates 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 Maine 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 Maine.
See the full report.
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 MaineBankingRates.com, which generate more than 2 million visits each month. MaineBankingRates is a locally-focused website dedicated to connecting Maine 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 rates table.