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Washington banks and credit unions rate low in national assessment of interest rates paid

Post by C.R. Roberts / The News Tribune on Feb. 11, 2013 at 3:20 pm |
February 11, 2013 3:20 pm

As certain Southern states perennially score low on educational assessment ratings, so do Washington banks and credit unions rate in the bottom tier nationally concerning average interest rates paid on savings accounts and certificates of deposit.

According to the results of a survey released Monday by GoBankingRates.com, Washington ranks 45th nationally for rates paid on 6-month CDs; 48th on 1-year CDs; 46th for 2-year CDs; and 31st for interest paid on savings accounts.

The rating service found that while the national average annual percentage yield for a 6-month CD is 0.31 percent, in Washington it averages 0.25 percent; for a 1-year CD, 0.45 percent nationally and 0.36 in Washington; for a 2-year CD, 0.69 percent natonally and 0.57 in the state; and for a savings account, 0.21 percent nationally and 0.20 percent hereabouts.

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