Maryland Savings Interest Rates Fall Significantly Compared to 2011 Averages

The Web's leading resource of local interest rate data, www.GoBankingRates.com, investigates historical deposit account rates offered by local Maryland banks and credit unions in its latest rate study. The report finds that average CD and savings account rates in Maryland have plummeted over the last two years, with an average 44% difference between 2011 and 2013 rates.

GoBankingRates is continuing is state-by-state historical rate comparison by focusing on interest rates offered by local banks and credit unions in Maryland. The interest rate aggregating website compared Maryland's average rates on savings accounts, 6-month CDs, 1-year CDs and 2-year CDs in 2013 versus averages from two years ago.

According to the rankings compiled by GoBankingRates, using its database of interest rates from more than 4,000 U.S. banks and credit unions, average deposit account interest rates in Maryland have dropped over the last two years; the smallest decrease was .21% for average savings account rates, while average 2-year CD rates fell most significantly by .51%. The average percentage change between interest rates from 2011 and 2013 rates among all four categories is 44%.

Account Type: 2011 Average Rate; 2013 Average Rate

• 6-Month CD: 0.61% APY; 0.34% APY
• 1-Year CD: .91% APY; 0.52% APY
• 2-Year CD: 1.23% APY; 0.72% APY
• Savings Account: 0.44% APY; 0.23% APY

Casey Bond, GoBankingRates managing editor, explains, "CD rates are set not based on today’s economic situation, but the future. It makes sense, then, that longer-term deposit account rates such as 2-year CD rates would experience the largest drop during the aftermath of a recession."

The study also compares current Maryland rankings in each deposit category against the rest of the U.S. states, with the goal of determining how rates have fared over time in Maryland.

To see the full report, click here.