Study: How Do Fort Worth Savings Account and CD Rates Compare to the Rest of the Country?
The current savings environment is highly discouraging for depositors – interest rates in Fort Worth and beyond are only dropping closer to zero, and those who are looking for high-yield accounts to help grow their balances are facing an increasingly tougher challenge. Fortunately, local banks and credit unions are known for offering more competitive rates, so we performed a study comparing Fort Worth rates against Texas and the U.S. to find out if local residents truly have better savings options locally.
Using our database of more than 5,000 financial institutions, we found the average Fort Worth savings account rate, as well as average rate on 6-month, 12-month and 2-year CDs in the city, and compared those numbers with Texas and national averages.
Our findings show that on average, Fort Worth rates outperform the nation as a whole, though not quite to the extent that the entire state of Texas does.
National Average Interest Rates
- 6-Month CD: .29% APY
- 1-Year CD: .43% APY
- 2-Year CD: .64% APY
- Savings Account: .20% APY
Texas Average Interest Rates
- 6-Month CD: .36% APY
- 1-Year CD: .52% APY
- 2-Year CD: .74% APY
- Savings Account: .25% APY
Fort Worth Average Interest Rates
- 6-Month CD: .33% APY
- 1-Year CD: .45% APY
- 2-Year CD: .67% APY
- Savings Account: .15% APY
Top 10 Fort Worth Savings Account Rates*
|My Credit Union Texas||0.35|
|Fort Worth City Credit Union||0.25|
|Fort Worth Community Credit Union||0.25|
|Unity One Credit Union||0.25|
|Family 1st of Texas Credit Union||0.20|
|First Command Bank||0.20|
|Ben E Keith Company Employees Credit Union||0.15|
|Colonial Savings, F.A.||0.15|
|IBEW 116 Credit Union||0.15|
|First Class American Credit Union||0.10|
|Meridian Bank Texas||0.10|
|Natural Resources Conservation Service Federal Credit Union||0.10|
*Tie for 10th place
About This Fort Worth Interest Rate Study
The averages in this study were calculated using data from FortWorthBankingRates’ exclusive database, which compiles interest rates offered by more than 5,000 online, national and community banks and credit unions. All data included was accurate as of May 31, 2013. Rates are based on an assumed balance of $10,000, pulled from offers published by the financial institution on their website. All rates are at the discretion of the financial institution offering them, and may have been changed since the data was collected.
Image: David via Wikimedia Commons