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Interest rates paid by Connecticut banks are on the low side compared with rates paid by financial institutions in other states.
According to a new ranking by the website gobankingrates.com, the average rate for savings accounts in Connecticut ranks 47th among the 50 states. Rates for six-month, one-year and two-year certificates of deposit all rank between 35th and 38th.
Go Banking Rates said Connecticut rates for savings accounts average 0.15 percent, compared with 0.21 percent nationwide. Six-month CDs average 0.29 percent in the state, while one-year CDS average 0.42 percent and two year CDs average 0.64 percent.