Savings Rates Across the U.S.

April 3rd, 2013
in econ_news, syndication

Econintersect:  The website has provided a state-by-state tabulation of savings accounts and CD average rates by state across the country.  The dollar-flyingaverage rates vary by 167% from the lowest state (Arizona, 0.12%) to the highest (Rhode Island, 0.32%).  Okay, so the real (inflation adjusted rates, using CPI = 2.0% February year-over-year) interest rates are negative.  Using the same examples, Arizona has a real savings interest rate of -1.9% and Rhode Island -1.7%.  For every $100 in a savings account in Arizona, on average the saver is paying $1.90 to have the bank "store" his money for a year.  Of course that is cheaper than storing money in a mattress which costs $0.10 a year more.

Calculations not applicable to Cyprus.

Follow up:

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