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Idaho banks among lowest for interest rate yields

A website that compares interest rates across the United States shows Idaho near the bottom for certificates of deposits and savings accounts. Local banks in Oklahoma and Rhode Island offer about twice Idaho’s rates.

GoBankingRates.com uses a database of more than 4,000 banks and credit unions to compare rates that local institutions post online. The Los Angeles-based company assumes a $10,000 deposit and excludes national and online-only banks in its analysis.

For January 2013, GoBankingRates.com ranked Idaho 46th out of 50 states and the District of Columbia for average interest rates of 0.23 percent for a 6-month CD. Oklahoma nabbed the top spot in the nation with a rate of 0.46 percent.

For savings accounts, Rhode Island topped the nation with a 0.32 percent rate, or slightly more than double Idaho’s average rate of 0.15 percent. Idaho ranked 39th in this category.

Although these rates are at least twice as much as Idaho’s, the difference on the annual percentage yield on that $10,000 will net a investor only $17 more a year if they open a Rhode Island savings account or $23 more a year in an Oklahoma 6-month CD.

 

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