Generally, online banks tend to keep rates consistent across states. If a bank has a brick-and-mortar location in a certain state, it may not offer an online account in that state.
“Most of the purely online banks offer the same rates across the country,” Stockton says. “With that said, there are certainly some banks who will do promotions from time to time or have a special (offer) locally.”
It’s possible for a bank to have different rates in different markets because different markets have different competitive conditions, Stockton says.
“All of the community banks and credit unions are typically different in different markets,” Stockton says. “And so banks overall have to compete with whoever’s in each of their local markets. So it may make more sense to have a higher rate in some markets where they’re competing against some really aggressive community banks or credit unions that maybe aren’t in their other market.”