Banks in New Jersey, followed by Michigan, Pennsylvania, Virginia and Oregon appear to be dropping deposit rates the fastest.
That's according to research firm Market Rates Insight, which found the reaction time to national trends in deposit pricing varies drastically by state. In the first half of 2010, the national average rate for deposits dropped 0.18%. MRI said it took the New Jersey pricing region only four weeks to drop 0.18% in its average rate for deposits, followed by Michigan at six weeks, Pennsylvania at 13, Virginia 17, and Oregon at 19 weeks. Credit unions were not tracked.
Banks in Illinois, Louisiana, Massachusetts, Wisconsin and Montana were the least likely to drop deposit rates, according to San Anselmo, Calif.-based MRI. These five pricing regions had minimal or no change in their average rate for deposit during the first half of the year despite the decline in the national average.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
