Who is Datatrac? Datatrac is an independent, unbiased research firm that specializes in compiling banking industry data and analyzing performance of deposit and loan products. For over 25 years, we have served clients including the largest and smallest financial institutions, the Government Accountability Office (GAO) and the Federal Bureau of Investigation (FBI). Our data and analysis has been included in reports prepared for the Federal Reserve, the Senate and the House of Representatives. We have been cited in the Wall Street Journal, Washington Post, Kiplinger Magazine and numerous other organizations.
What are Datatrac Great Rate Awards? Datatrac Great Rate Awards are an independent benchmark that provide thorough, unbiased comparison of banking products performance. Datatrac Great Rate Awards certify that the current or historical performance of specific deposit or loan products (e.g. 3 month CD, platinum credit cards, 30 year fixed mortgage, etc.) for a financial institution outperforms similar products offered by their peers.
Who can win a Datatrac Great Rate Award? Only financial institutions offering deposit and loan products are eligible to earn Datatrac Great Rate Awards.
What products can earn Datatrac’s Great Rate Awards? Most retail deposit and loan products are eligible to earn Datatrac Great Rate Awards, including money markets, savings accounts, certificates of deposit, mortgages, auto loans, boat loans, motorcycle loans, personal loans, credit cards and many other deposit and loan products. Specials, promotional offers, fees, terms and specific requirements (i.e. the fine print) are included in Datatrac’s analysis.
Where are Datatrac Great Rate Awards available? Nearly every city and county in America is included in Datatrac’s analysis. Actual geography covered is based upon data from over 100,000 financial institution locations as updated in Datatrac’s databases.
How are Datatrac Great Rate Awards computed? Datatrac compares rates, fees and specials for deposit and loan products where product terms and requirements are materially similar. A Datatrac Great Rate Award is granted if a financial institution’s deposit or loan product outperforms the average for their peers based upon comparable terms. The following three criteria are used in determining Datatrac Great Rate Awards: Market: Institutions included in the analysis must be within a defined metropolitan area, county, zip code or other geographical specification such as within a certain mile radius from the compared institution. Products: Only products with similar specifications are compared to each other. For example, a money market which is limited to three checks per month is compared to other products with the same requirement; a one year adjustable rate mortgage with zero points is compared to other mortgages with the same requirements. Time: Real time certifications are compared daily with the most current data available; Historical certification are compared as of the close of each week for the period stated (e.g “12 months ending December 31, 2012” or “5 years from 2006-2012.”) Where does Datatrac get its research? Datatrac built America’s largest database of deposit and loan interest rate data available to consumers with over {Rate Count} rates as of {today’s date}. For over 25 years, Datatrac has privately collected information on financial institutions. Datatrac’s maintains independent, unbiased research on over 100,000 financial institution locations. Research is conducted manually by daily phone interviews with banking staff and by reviewing web site material, brochures and rate sheets published by financial institutions. Datatrac also uses information published by third parties such as the Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA) and the US Census Bureau and SNL Financial. (each of these should be links.)
How often are Datatrac Great Rate Awards updated? Datatrac Silver Great Rate Awards certify real-time performance which is updated every business day; Datatrac Gold Great Rate Awards certify historical performance evaluated for the time period specified.
How much do Datatrac Great Rate Awards cost? Datatrac Great Rate Awards are free to financial institutions who meet the certification requirements.
How does Datatrac get paid? All Datatrac services are free to consumers. Datatrac is paid by financial institutions for providing research, analysis, software and other services to assist them in generating new deposit and loan business.
To order or learn more, click here or call a Datatrac Consultant at 888-244-RATE