Idaho

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Idaho Savings Rates 2024

You are viewing savings rates from banks across Idaho

If you have your savings dollars in a big bank or a bank with low savings rates, then you are losing money. We've found FDIC insured banks that will pay you more. Take a few minutes to explore the options below and see how you can boost your savings by more than 6X the national average rate. There is competition for your money. Take advantage of it!

ID - May 21, 2024

Savings Account National Average Rate: 0.43% ?

Banks APY MIN

Rate History: 5.00% → 5.10% → 5.00% → 5.10%

Rate requires download of bank app and recording of over 12,500 average daily steps (or 10,000 if over age of 65).
Rate History: 4.75% → 5.00%

Interest Savings Account.
Rate History: 5.35% → 5.24% → 5.10% → 4.95% → 5.00%

Online Savings Account
Rate History: 5.25% → 5.00% → 4.90%

Rate History: 4.25% → 5.00% → 4.75%

Rate History: 4.55% → 4.35%

Rate History: 4.30% → 4.35% → 4.25%

Rate History: 4.50% → 4.25%

Rate History: 4.40% → 4.20%

Rate History: 1.00% → 3.72% → 3.61%

Rate History: 1.00% → 3.56%

3.50%

3.00%

$25,000

$0
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2.50%

$10

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1.60%

0.01%

$1,000,000

$1
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Rate History: 1.41% → 1.31%

Rate History: 0.30% → 0.25%

0.25%

$25,000

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0.20%

$0

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0.20%

$2,500

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0.15%

$25,000

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0.15%

$25,000

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0.15%

$25,000

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0.12%

$2,500

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0.10%

$2,500

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0.10%

$100

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0.10%

$2,500

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0.10%

$2,500

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0.10%

$10,000

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0.10%

$1

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0.06%

$2,500

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0.06%

$25,000

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0.05%

$100

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0.05%

$2,500

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0.05%

$10,000

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0.05%

$2,500

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0.05%

$25,000

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0.05%

$1

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0.05%

$50

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0.04%

$2,500

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0.04%

$2,500

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0.03%

$2,500

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0.03%

$2,500

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0.03%

$2,500

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0.03%

$2,500

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Rate History: 0.04% → 0.02%

0.02%

$2,500

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0.02%

$2,500

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0.01%

$0

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Rate History: 0.03% → 0.01%

0.01%

$1

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0.01%

$1

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0.01%

$2,500

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0.01%

$2,500

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All rates listed are Annual Percentage Yield (APY). The APY rate in a savings account or money market account is a variable rate that is subject to change at any point. The Min listed is the minimum deposit account balance required to obtain the rate listed.


BestCashCow strives to maintain the most accurate rates. If you believe a rate is not accurate, please let us know.

IDAHO SAVINGS ACCOUNT ENVIRONMENT


There are several unique factors that can affect the banking system in Idaho. Some of these factors include:

1. Agricultural and Natural Resource-Based Economy: Idaho has a strong agricultural and natural resource-based economy, with a significant focus on industries such as farming, dairy, timber, and mining. As a result, banks in Idaho may face unique challenges and regulations related to lending, risk management, and industry-specific financial products.

2. Rural and Remote Communities: Idaho consists of many rural and remote communities, which can present logistical challenges for banks in terms of branch network coverage and providing financial services to underserved populations. Banks may need to invest in technology and alternative banking solutions to address these challenges.

3. Seasonal Economic Cycles: Some parts of Idaho experience seasonal economic cycles. For example, during the summer, tourism is a major industry, particularly in resort towns like Sun Valley and Coeur d'Alene. This can impact cash flow and loan demand, requiring banks to adapt their services and lending practices accordingly.

4. Population Growth and Urbanization: Idaho has experienced significant population growth and urbanization in recent years, particularly in cities like Boise and Meridian. This presents opportunities and challenges for banks, as they need to adapt to changing customer needs, increased competition, and demands for digital banking services.

5. Regulatory Environment: The banking sector in Idaho operates under federal and state regulations, but state-specific laws can also affect the industry. Banks may need to navigate unique regulations related to lending practices, consumer protection, money transmission, and other areas specific to Idaho.

6. Natural Disasters: Idaho is prone to natural disasters such as wildfires and earthquakes. These events can disrupt the banking system by damaging physical bank branches, affecting electronic banking infrastructure, and impacting customers' ability to access and utilize banking services.

FREQUENTLY ASKED QUESTIONS ABOUT LOCAL SAVINGS RATES


Why do savings rates vary so much?

Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices. Banks have different cost structures and they also have different needs for capital. This leads to different rates.

BestCashCow’s surveys show that online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations. Therefore, we strongly recommend that all depositors consider the rates at online banks as savings and money market accounts online can easy be set up to enable quick transfers to your favorite local bank.

What is the difference between a savings account and a money market account?

The differences between a savings account and a money market account are largely arcane. Some money market accounts offer more ways access deposits by issuing checks and debit cards, but prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Most savvy consumers who plan their expenses and financial needs ahead find the additional functionality offered by money markets to be of little value and will choose whichever account (savings or money market) has the higher rate.

What does annual percentage yield (APY) mean?

Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, of the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rates. Unlike with a Certificate of Deposit, your actual APY in a savings may vary if the rate changes.

How do I choose the right savings account and should I consider CDs?

Begin your search with the table here on BestCashCow.com that you have found. In addition to checking online savings rates, you should also check local bank rates and local credit union rates. If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs). While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates. Several other sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs. Access these below. You should also familiarize yourself with our Savings & CD Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.

8 POINT CHECKLIST FOR A GREAT BANKING RELATIONSHIP WITH YOUR LOCAL BANK

  • Find a bank with a location convenient to you. Location counts.
  • Choose a bank with good rates. Rates are important to get continued growth of your capital.
  • Choose a bank with an extensive network of fee-free ATM machines or which reimburses out-of-network ATM fees, if you still need to regularly access cash.
  • Avoid fees. Choose a bank which doesn’t have service fees provided you maintain a certain balance, which doesn’t charge for ACH inbound and outbound transfers, and which has low fees for things like international wire transfers and bounced checks.
  • Choose a healthy bank. If you click on a bank above, you’ll be taken to the bank’s financial detail. A healthy bank has happy employees and provides loyal service to its customers. No matter how healthy your bank is, stay within FDIC insurance limits.
  • Find something of value to offset what may be slightly lower rates than online accounts offer. Develop personal relationship with your bankers. Personal relationships can help you to get appropriate financial advice, and to navigate financial challenges and needs in the future. (Be careful with the financial advice you receive. Inappropriate financial advice is worth a lot less than no financial advice.) They can also put you in touch with others in your community who could be valuable personally and professionally to know. If you don't use your local savings account as an opportunity to build these relationships, you may find that you are better of banking online.
  • Choose a bank that is going to let you access your cash when you need. The great benefit of savings accounts over any other financial product (including CDs) is that you have absolute liquidity. If your bank in creating impediments to accessing your cash (paperwork, fees, etc.), then you need another bank.
  • Be aware that you can have more than one account. Having a great local savings account at a large or small bank near you can be great, but it doesn't need to stop you from opening one or more online savings accounts, or even developing a relationship with another local bank or credit union.

SAVINGS & CD CALCULATOR

Find out how much extra money you can earn by moving your bank money into an account that pays more.