The 10 largest banks in the country offer an average interest rate of 0.036 percent for savings accounts, but the rate can vary widely from city to city, according to a survey by personal finance website WalletHub.
The interest rates offered by major banks operating in New Orleans, Houston, Boston, and Burlington, Vt., are 31-54 percent higher than the national average, the survey found.
The average annual yield for savings accounts in New Orleans is 0.055 percent. Boston is second at 0.053 percent, Burlington third at 0.050 percent, and Houston fourth at 0.047 percent.
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The lowest average APYs are in Indianapolis, Detroit, Kansas City, Oklahoma City and Little Rock, Ark., where the rates offered by the big banks are 72 percent lower than the national average and 82 percent lower than in New Orleans.
Citibank is the only one of the big 10 banks that has consistently different standard savings account rate by region, the survey showed.
On balances of $10,000 or more, Citibank customers in Boston, Philadelphia, and Wilmington, Del., earn interest at twice the rate of customers in Chicago, Baltimore, and Washington, D.C.
Although Capital One offers uniform rates throughout the country, it also offers varying promotional interest by region; rates in New York City are 113 higher than they are in New Orleans.
Wells Fargo offers higher three-month promotional rates to customers in Los Angeles or Jacksonville, Fla.; they are up to 18 times higher than those offered in other cities.
The survey found no regional variation in checking account interest rates for the 10 largest banks.
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