Business | Oregon

Oregon Banks Pay Savers Less Interest -- But Not Much Less

OPB | Jan. 25, 2013 1:59 p.m.

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The savings rates offered by Oregon’s local banks and credit unions fall within the bottom 20 percent of states.  That’s according to a national banking aggregate website. But it doesn’t make a lot of difference for savers.

None

GoBankingRates.com collects interest rates from about 4,000 banks and credit unions around the nation. For one-year CDs, Oregon’s banks and credit unions rank 44th in the nation for the interest they pay.

But Oregon Bankers Association president Linda Navarro says the ranking is almost meaningless because the differences between savings rates are within a few hundredths of one percent.

“We’re just in a prolonged low-interest environment and that’s not good news for savers who are used to making five or more percent on some of their CD investments,” Navarro says.

So, $100 dollars invested in the average national CD will be worth $100.46 after one year. That’s 8 cents more than would be paid by the average Oregon one-year CD.

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