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N.J. Dropping Deposit Rates the Fastest

Banks in New Jersey, followed by Michigan, Pennsylvania, Virginia and Oregon appear to be dropping deposit rates the fastest.

By Michelle A. Samaad | Updated on August 16, 2010

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.

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