January 30, 2014

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Article

Salt Lake Among Top 10 Cities for Savings Account Rates

Press Release

January 30, 2014

Salt Lake City — A new study by GOBankingRates of savings account interest rates offered by financial institutions in the 100 most populated U.S. cities found Salt Lake City ranks No. 8, with an average yield of 0.125 annual percentage yield.

The average savings account rate in the No. 1 ranking city, New Orleans, was 0.182 percent APY higher than that of Lincoln, Neb., which ranked last.

5 highest-ranking cities:

  • New Orleans: 0.216 percent APY
  • Birmingham, Ala.: 0.211 percent APY
  • New York City: 0.177 percent APY
  • Memphis, Tenn.: 0.150 percent APY
  • Baton Rouge, La.: 0.150 percent APY

5 lowest-ranking cities:

  • Lincoln, Neb.: 0.034 percent APY
  • Cincinnati: 0.037 percent APY
  • Sacramento, Calif.: 0.043 percent APY
  • Reno, Nev.: 0.043 percent APY
  • Laredo, Texas: 0.043 percent APY

To see the complete rankings, go to: www.gobankingrates.com/savings-account/rates-average-savings-interest-state

“Until the Federal Reserve raises its target rate, savings accounts will continue to pay pennies on the dollar,” said Casey Bond, GOBankingRates’ managing editor. “For that reason, differences between city averages are just hundredths of a percent. Even so, these rankings provide insight into where in the country depositors are finding access to higher-yield accounts.”

In addition to ranking the top 100 cities based on savings yields, GOBankingRates also compared average Salt Lake City savings rates with state and national averages. 

Average savings account rates:

  • Salt Lake City: 0.125 percent APY
  • Utah: 0.123 percent APY
  • United States: 0.101 percent APY 
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