Searching for higher rates? Don't look to California banks*

Consumers are sometimes urged to check their local and regional financial institutions for higher CD rates, lower fees and better customer service. But in reviewing more than 170 banks and credit unions, Go Banking Rates found that California rates were even lower than the national average (and those rates were pretty darn low). It's hard to believe these days, but CD rates were running 17 percent or so back in the early 80s (of course that's also when inflation was a real problem).

Deposit Account National Averages

6-Month CD 0.31% APY

1-Year CD 0.47% APY

2-Year CD 0.71% APY

Savings Account 0.21% APY

California Interest Rate Averages

6-Month CD 0.26% APY

1-Year CD 0.39% APY

2-Year CD 0.57% APY

Savings Account 0.16% APY

*FYI: Reader tells me that at least one institutuon on the Go Banking Rates site had incorrect or perhaps outdated quotes.