Banks' Interest Rates Remain Low after Nearly Three Years

Check out this comparison of interest rates earned for savings accounts at various local banks.

In 2008, when interest rates for savings accounts plummeted with the stock market, many had hoped to see some gains nearly three years later.

As part of Money Smart Week, the St. Charles Patch has gathered some information about today’s interest rates, on both savings accounts and home loans.

We surveyed five different area banks and received relatively the same answer from each of them—that interest rates have not improved very much since the market bottomed out.

Once of St. Charles’ newest bank locations, offers .50 percent interest on a standard statement savings account, and .70 percent on its Junior Savings Account, for accounts held by minors.

Interest levels in savings accounts at vary according to balances in each account.

An account with a balance of $10,000 or less earns interest of zero to .1 percent. Accounts with $10,000 to $25,000 earn .25 percent, and those with a balance of $25,000 to $100,000 earn .35 percent interest.

Those with accounts of $100,000 or greater earn .4 percent interest.

St. Charles’ has two forms of savings accounts—a standard statement savings, and a Money Market account, which differ in the amount of checks cashed and withdrawals made per week.

The annual percentage yield on a savings account with a balance up to $2,500 is .010 percent. The interest for $2,500 to $25,000 is .025 percent, and .050 percent annual percentage yield on balance with $25,000 or more.

For a Harris Money Market Account with a balance up to $5,000, the yield is .050 percent. From $5,000 to $10,000 is .25 percent, and from $25,000 to $100,000 is .30 percent.

Money Market accounts with $100,000 or greater has an annual percentage yield of .64 percent.

According to Laura Siebert , a personal banker for Harris Bank, the interest rates for savings accounts have stayed relatively the same since 2008.

“I’ve been here for two and a half years, and the rates have not changed that much,” she said.

in St. Charles currently has a savings annual percentage yield of .10 percent for accounts with a balance of up to $5,000.

Accounts with balances of more than $5,000 earn .17 percent.

In addition, Fifth Third’s current interest rate for a 30-year fixed mortgage to purchase a home is 4.87 percent.

interest rates on savings accounts are earned on a monthly basis, with 1.15 percent annual percentage yield earned on accounts up to 19 months old. A 37-month-old account earns 1.73 percent, and a 59-month-old account earns 2.50 percent.

Those who are considering opening a new savings account are also encouraged to visit www.bankrate.com for a more indepth comparison of interest rates for banks both locally and nationally.

St. Charles Bank and Trust

50% - Standard Savings

.70% - Junior Savings

Chase Bank

.1% - $10,000 or less

.25% - $10,000 to $25,000

.35% - $25,000 to $100,00

.4% - $100,000 or greater

Harris Bank Savings Account

.010% - up to $2,500

.025% - $2,500 to $25,000

.050% - $25,000 or more

Harris Bank Money Market Account

.050% - $5,000 or more

.25% - $5,000 to $10,000

.30% - $10,000 to $100,000

.64% - $100,000 or more

Fifth Third Bank

.10% - up to $5,000

.17% - $5,000 or more

U.S. Bank

1.15% - accounts up to 19 months old

1.73% - accounts 36 months old

2.50% - accounts over 59 months old


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