DES MOINES (2/14/13)--Competition among Iowa financial institutions is creating some of the best rates for certificates of deposit and savings accounts, the Iowa Credit Union League told The Des Moines Register Wednesday.
It boils down to competition because consumers reap benefits when a state such as Iowa has an abundance of credit unions and locally owned banks--instead of just a few huge banks, Pat Jury, league president/CEO, told the newspaper.
"The more choices consumers have, the more responsive financial institutions have to be in the marketplace," Jury told the paper.
River Community CU, based in Ottumwa, Iowa, with $17 million in assets, offers the state's best one-year CD rates, the paper said. The credit union's website lists it at 0.75%.The average rate for Iowa credit unions and banks is 0.54% on a one-year CD--eight basis points better than the national average, the Register said.
GoBankingRates.com says Iowa ranks 13th nationally in interest rates for six-month and one-year certificates, and ninth for savings.
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