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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:
5 lowest-ranking cities:
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: