Datatrac Great Rate Awards certify that deposit and loan rates offered by financial institutions outperform the market average for comparable products and terms.
Datatrac is an independent, unbiased research firm that specializes in compiling banking industry data and analyzing performance of deposit and loan products. We maintain America's largest database of interest rate data available to consumers with 834,350,102 current and historical rates for 123,763 banking locations in 18,635 local, state and national markets across North America as of Monday, March 10, 2014.
During our 25+ years we have served thousands of financial institution clients including the largest and smallest banking and credit unions, 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.
Datatrac began making our unique and proprietary information available to consumers beginning in 2012.
Only financial institutions offering deposit and loan products are eligible to earn Datatrac 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.
Nearly every city and county in the United States is included in Datatrac's analysis. Actual geography covered is based upon data from 123,763 financial institution locations as updated in Datatrac's databases.
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 rate outperforms the market average for 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.")
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.
With 834,350,102 current and historical rates for 123,763 banking locations in 18,635 local, state and national markets across North America as of Monday, March 10, 2014, Datatrac maintains the America's largest database of deposit and loan interest rate data available to consumers. Datatrac has privately collected information on financial institutions for over 25 years. 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 conducts independent, unbiased research in partnership with SNL Financial and uses information published by third parties such as the Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA) and the US Census Bureau.
Datatrac Great Rate Awards are free to financial institutions who meet the certification requirements. Click here to see if your institution qualifies.
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.