With a population of 310.6 million (Est 2010) the US economy was ranked 1st in the world with a GDP PPP of 14.2 trillion according to the IMF in 2009. Its GDP PPP per capita was $45,934 which ranks 6th in the world. The US central bank the Federal Reserve has set its interest rate at 0.25%. According to CIA.gov its inflation was 3.8% in 2008 and -0.3% in 2009. Bank deposit accounts held for a fixed term and interest rate in the United States (USA) are called certificates of deposit or more commonly known as CD rates. Non fixed term and variable interest bearing products may include checking, savings and mma accounts.
US Consumer Savings and Bank Deposit Protection
The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States established in 1933. Its role is to protect the funds depositors put into banks and savings associations and since its inception no depositor has yet to lose FDIC-insured funds. The FDIC covers deposit accounts including certificates of deposit (CDs), money market deposit accounts, savings accounts and checking accounts.
Remember if you are only with one bank, FDIC deposit limits are $250,000 per depositor, per insured bank, for each account ownership category. So for a single account owned by one person it is $250,000 per owner.
https://www.fdic.gov/edie/calculator.html (Calculate your coverage by your bank)
Regional and Local banks in the US
While the above 5 banks dominate the US market overall, they are not present in every state and the US banking market in general tends to be diversified and more regionally focused with other banks dominating specific states.
For example the following states are branch dominated by:
Regions bank (Alabama and Mississippi, Tennessee)
Arvast Bank (Arkansas and Oklahoma)
People's United Bank (Connecticut and Vermont)
Bank of Hawaii (Hawaii)
US Bank (Idaho, Iowa, Kentucky, Missouri, Oregon)
Commerce Bank (Kansas)
Bangor Savings Bank( Maine
Citizens Bank in Massachusetts and New Hampshire, Rhode Island
The Huntington National Bank in Michigan and Ohio
Glacier Bank Montana
Pinnacle Bank Nebraska
BB&T North Carolina, Virginia, West Virginia
Gate City Bank in North Dakota
First-Citizens Bank & Trust South Carolina
BMO Harris Bank Wisconsin
HSBC and TD Bank are the most well known foreign bank subsidiaries in the US serving the East Coast.
While individually the approximately 7,000 credit unions can vary from being small to large, in aggregate credit unions in the United States serve about 100 million members. Examples include the NFCU (Navy Federal Credit Union) and the SECU (State Employees’ Credit Union). Some Credit Unions are part of a CU Service Center network, which can allow its members to perform transactions at a credit union within the network and which could have access to nearly 5,000 branches across the country.
In the US, P2P lending providers such as Prosper and Lending Club provide an additional opportunity for the personal loans segment of the market.
In the US regulators include the Federal Reserve System, FDIC ( Federal Deposit Insurance Corporation), Office of the Comptroller of the Currency and the federal credit unions by the NCUA (National Credit Union Administration)