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California, Florida, And Arizona Savers Prefer Big Banks And Miss Out On Better Rates

Wednesday, January 16, 2013 - 8:38 AM
Online banks and small community banks have the best savings and CD rates, yet savers are putting more and more money into low rate big banks. BestCashCow analysis shows that that consumers across the country, and especially in states like AZ and CA can earn more just by switching their deposit dollars to a smaller, community based bank, or an online bank.

California, Florida, and Arizona Savers Prefer Big Banks and Miss Out on Better Rates
ShorebreakShorebreak2,692 posts since
Apr 6, 2010
Rep Points: 14,596
1. Wednesday, January 16, 2013 - 11:18 AM
I found this stat interesting "Only 6% of deposits are in online banks".

I know several people who have been keeping their money in savings or checking accounts at their local big bank branch. Most of those accounts have rates under 0.25%. They could easily get rates 3x higher by moving that to online savings or money market accounts.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708