If you're disappointed by the interest compounding on your savings account or CD, just be glad you don't live in Cleveland.

A new local rate study of 4,000 U.S. banks and credit unions by gobankingrates.com reveals that New York City financial institutions offer higher rates on savings accounts and CDs than those elsewhere in the country, including those in other parts of the state. We're not getting richer by a wide margin, though: a six-month CD in NYC averaged a .42% annual percentage yield, or APY, compared with a national average of .30%.

Two-year CDs earn an average of .88% APY in New York City compared with a national average of .66%.

Credit unions were prominent in the list of institutions paying the highest interesrates for savings accounts.

The top Gotham institutions paying the best rates of interest for savings accounts, were the University Settlement Federal Credit Union (1.50), Spring Bank (.75), Habib American Bank (.65), Education Affiliates Credit Union (.55) and Esquire Bank (.55).

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