Interest Rates in Every State: Best Interest Rates in Arizona

Posted in Banking , Best Interest Rates • January 24, 2013

arizona credit unions

In the wake of backlash over big bank fees and poor service, local banks and credit unions have been making a name for themselves as the source for an affordable and pleasant banking experience.

Of course, while these smaller, community institutions often offer the best interest rates on deposit products and loans, that’s not always the case, and it’s important for depositors looking for the best rates to research their options before settling on a local bank or credit union.

Go Banking Rates is continuing its “Interest Rates in Every State” series by examining the interest rates from Arizona institutions, assisting the residents of local communities in finding the banks and credit unions in Arizona offering the highest savings account and CD interest rates today.

This study of Arizona rates compares the state averages for savings accounts, as well as 6-month, 1-year and 2-year CDs, against the national averages in each category, and ranks Arizona against the rest of the states. Unfortunately for savers, Arizona ranks dead last for average savings rates, though the state does fall closer to the middle of the pack when it comes to average CD rates.

However, Go Banking Rates also identifies the Arizona banks and credit unions presently offering the highest rates in the state, so depositors aren’t stuck with sub-par returns.

Deposit Account National Averages

Account Type Average Rate
6-Month CD 0.31% APY
1-Year CD 0.46% APY
2-Year CD 0.69% APY
Savings Account 0.21% APY

Arizona Interest Rate Averages

Account Type Average Rate
6-Month CD 0.26% APY
1-Year CD 0.40% APY
2-Year CD 0.66% APY
Savings Account 0.12% APY

Ranking: Arizona Rates Vs. U.S. States and Washington DC

  • 6-Month CD: 43rd
  • 1-Year CD: 40th
  • 2-Year CD: 36th
  • Savings Account: 51st

Banks and Credit Unions in Arizona with Best CD Rates

arizona credit union

Institution 6-Month CD Rate
Summit Bank 0.30
American Southwest Credit Union 0.35
Charles Schwab Bank 0.40
MidFirst Bank 0.40
Bank 1440 0.45
Gateway Commercial Bank 0.45
AEA Federal Credit Union 0.50
Cochise Credit Union 0.50
Navy Federal Credit Union 0.60
Gold Water Bank 0.68

credit unions in arizona

Institution 1-Year CD Rate
Summit Bank Arizona 0.50
American Southwest Credit Union 0.55
Academy Bank, N.A. 0.60
Farmers Insurance Group Credit Union 0.60
Cochise Credit Union 0.65
Gateway Commercial Bank 0.65
Bank 1440 0.75
AEA Federal Credit Union 0.80
Navy Federal Credit Union 0.85
Gold Water Bank 1.00

banks in arizona

Institution 2-Year CD Rate
First American Credit Union 0.80
American Southwest Credit Union 0.85
Academy Bank, N.A. 0.90
AEA Federal Credit Union 1.00
Bank 1440 1.00
Gateway Commercial Bank 1.00
MidFirst Bank 1.00
Navy Federal Credit Union 1.05
Gold Water Bank 1.15
Cochise Credit Union 1.25

Top Savings Account Rates from Arizona Banks and Credit Unions

arizona banks

Institution Savings Rate
First American Credit Union 0.20
Gateway Commercial Bank 0.20
Heritage Bank, N.A. 0.20
Hughes Credit Union 0.20
Washington Federal 0.20
Farmers Insurance Group Credit Union 0.25
Navy Federal Credit Union 0.25
Cochise Credit Union 0.30
AEA Federal Credit Union 0.40
Gold Water Bank 0.40

More About This Arizona Rates Study

The interest rate information used in this study comes from Go Banking Rates’ database of more than 4,000 online, national and local banks and credit unions. Interest rates are based on individual institutions’ published online rates as of December 31, 2012. It’s important to note that interest rates fluctuate slightly over time, and rates may have changed since this date. Anyone considering opening an account with any of the above banks or credit unions should verify rates beforehand.

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