Interest Rates in Every State: Best Interest Rates in Alabama

alabama banksGetting the best interest rates on banking products isn’t too easy these days, especially when deposit rates continue to fall. To help residents find the top rates in their area and understand how local financial institutions compare to the rest of the country, Go Banking Rates is examining current rates offered by banks and credit unions in Alabama, comparing them to rates from two years ago.

Go Banking Rates evaluates historical rate data from February 2011 and identifies how savings and CD rates in Alabama have changed over a two-year period. Specifically, the study compares interest rates on savings accounts, as well as 6-month, 1-year and 2-year CDs, to give depositors the best possible picture of the health of current rates. Additionally, Alabama savings and CD rates against the rest of the United States, to provide an idea of how the state’s rates contrast against other U.S. states and Washington D.C.

Average Interest Rates From Alabama Credit Unions and Banks

The average Alabama credit union and bank interest rates from two years ago compared with average interest rates today are shown below:

February 2011

  • 6-Month CD: .76% APY
  • 1-Year CD: 1.02% APY
  • 2-Year CD: 1.34% APY
  • Savings Account: .55% APY

January 2013

  • 6-Month CD: .36% APY
  • 1-Year CD: .52% APY
  • 2-Year CD: .78% APY
  • Savings Account: .30% APY

Steadiest Rate: Savings account (.25% difference)

Biggest Drop: 2-year CD (.56% difference)

credit unions in alabama

Historical Alabama Credit Union and Bank Rankings

Alabama Rank
Account Type 2011 2013
6-Month CD  8th  10th
1-Year CD  8th  14th
2-Year CD  15th  9th
Savings Account  4th  2nd

About This Alabama Interest Rates Study

Interest rates used in this historical rates comparison are pulled from the Go Banking Rates database, which contains interest rates from over 4,000 U.S. banks and credit unions. Current rates as of January 31, 2013 were compared against Go Banking Rates archived rate data as of February 28, 2011. Only local financial institutions were used in the study; no national or online banks were included.

Rates are based on individual institutions’ published online rates, with the assumption that depositors will maintain a $10,000 deposit. Note that current rates may have changed since the publish date. Before opening an account, contact the institution directly to verify interest rates.

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