Consumers reportedly have added $1 trillion to their savings at banks and credit unions since the start of the last recession in October 2007.
At the end of the 1990-1991 recessions, the national average deposit rate bounced back by 54%, which was higher than the 33% rate after the country's most recent recession.
The average rate for certificates of deposit recently dropped below 1%, a move not seen since recorded data in the 1950s.
Despite an overall decrease of $200 billion in certificate of deposit balances in the first half of this year, those that have $100,000 or more with terms over one year are growing.
The strain of staying ahead of managing capital and net worth ratios has left some credit unions looking at the bottom of the barrel for more solutions as the year comes to an end.
Looking for ways to pay down credit card debt and lines of credit, during the first half of the year, consumers cashed in about $29 billion from their maturing certificates of deposit to do so.
Despite the average interest rates on certificates of deposit being higher than those on money market accounts since June 2009, some consumers may still favor quick access to cash.
Rates on certificates of deposit at Internet-based banks may be above the national average rate but they come in second at some traditional financial institutions.
For the first time in a least a decade, the national average rate for checking, savings, money market account and certificates of deposit at banks dipped below the 1% mark.
Banks in New Jersey, followed by Michigan, Pennsylvania, Virginia and Oregon appear to be dropping deposit rates the fastest.