Best Interest Rates in Rhode Island: Historical Comparison

credit unions in rhode islandThe best interest rates on savings accounts are nothing like they were even just a couple of years ago. Ever since the financial crisis that began in 2007, rates have continued to fall, making it difficult to find high-yield savings opportunities. Go Banking Rates is examining how rates have changed on a local level, performing state-by-state historical rates comparison with this latest installment focusing on interest rates offered by credit unions and banks in Rhode Island.

The study below compares average interest rates on savings accounts, as well as 6-month, 1-year and 2-year CDs from 2011 versus today. Additionally, Go Banking Rates ranks average rates in Rhode Island against each of the 50 states in each category.

Average Rhode Island Credit Union and Bank Rates

The average Rhode Island credit union and bank interest rates from two years ago compared with average interest rates today are as follows:

February 2011

  • 6-Month CD: .71% APY
  • 1-Year CD: .88% APY
  • 2-Year CD: 1.31% APY
  • Savings Account: .33% APY

January 2013

  • 6-Month CD: .43% APY
  • 1-Year CD: .61% APY
  • 2-Year CD: .98% APY
  • Savings Account: .32% APY

Steadiest Rate: Savings accounts (dropped by .01%, a 3% difference)

Biggest Drop: 2-month CDs (dropped by .33%, a 25% difference)

banks in Rhode Island 2

Historical Rhode Island Banks and Credit Union Rate Rankings

Rhode Island Rank
Account Type 2011 2013
6-Month CD  21st  2nd
1-Year CD  33rd  1st
2-Year CD  20th  1st
Savings Account  35th  1st

About This Rhode Island Interest Rates Study

This historical study used interest rates pulled from Go Banking Rates’ database containing interest rates from over 4,000 U.S. banks and credit unions. Current rates are as of January 31, 2013, and 2011 rates are based on February 28, 2011 archived data. Only local financial institutions were used in the study; no national or online banks were considered.

Rates are based on individual institutions’ published online rates, assuming a $10,000 deposit is maintained. Note that current rates may have changed since the publish date.

Check here for today’s most current interest rates.

Photo: Kenneth C. Zirkel via Wikimedia Commons

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