Datatrac Great Rate Award®
What are Datatrac Great Rate Awards?
Datatrac Great Rate Awards certify that deposit and loan rates offered by financial institutions outperform the market average for comparable products and terms.
Who is Datatrac?
Datatrac is an independent, unbiased research firm that specializes in the banking industry. We provide financial institutions and consumers with analysis tools and intelligence to make mutually beneficial decisions about new loans and deposits.
Since 1988, Datatrac has monitored and analyzed interest rate trends on deposit and lending products, building the largest database of interest rates in North America. As of June 9, 2013, Datatrac analyzes 110,861,152 deposit and loan rates, fees and specials for 122,012 financial institution locations in 17,877 markets in the USA. This database is updated daily.
Datatrac clients have included over 5,000 banks and credit unions with a retention rate in excess of 90% for over a decade. Our data and analysis has been included in reports prepared for the Federal Reserve, the United States Senate and the House of Representatives, the Government Accountability Office (GAO) and the Federal Bureau of Investigation (FBI). Datatrac's data and analysis have been cited in the Wall Street Journal, USA Today, Forbes, Washington Post, Kiplinger Magazine and numerous other publications.
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 the United States is included in Datatrac's analysis. Actual geography covered is based upon data from 122,012 financial institution in 17,877 markets.
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 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 demographic specification such as asset size or institution type or geographic area such as metropolitan area, county, zip code or 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.")
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.
Where does Datatrac get its research?
With over 110,861,152 deposit and loan rates, fees and specials for 94,896,495 rates, fees and specials 122,012 financial institution locations in 17,877 as of Friday, June 07, 2013, 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 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.
How much do Datatrac Great Rate Awards cost?
Datatrac Great Rate Awards cannot be purchased. Awards must be earned based upon performance and are free to institutions with products that outperform the market. Click here to see if your institution qualifies.
How does Datatrac get paid?
All Datatrac services are free to consumers. Datatrac is paid by financial institutions for providing research, certification, analysis, software and other services to assist them in generating new deposit and loan business.