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Salt Lake City – A new study by GoBankingRates.com found that savings account rates from Salt Lake City banks and credit unions have decreased since last year by 0.04 percent APY, a decreasing trend also mirrored in the state average.
“Financial institutions regularly follow policies promoted by the Federal Reserve,” said Amanda Garcia, lead GoBankingRates.com reporter for the study. “As the Fed continues to keep interest rates near 0 percent, banks and credit unions can borrow money from each other almost interest-free. There’s no reason for them to attract customers with higher deposit yields to supplement lending goals.”
The average savings account rates at banks and credit unions in Salt Lake City in 2012 was 0.16 percent APY, which was the same as the state and 0.02 higher than the nation.
The average savings account rates at banks and credit unions in Salt Lake City this year is 0.12 percent APY, which is the same as the state rate and 0.01 percent higher than the national rate.
Data referenced in this study is compiled from the GoBankingRates.com database, which is powered by Informa Research Services, Inc. This study looked at savings account rates from banks and credit unions located in Salt Lake City and Salt Lake City County as of Oct. 2, 2013. To see the full study, visit http://bit.ly/1bsr8vS.