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Follow on Google News | Go Banking Rates Study Discovers Which States Have the Best and Worst Savings Account RatesGoBankingRates.com, the leading source for local interest rate information, recently performed a study involving over 4,000 banks and credit unions to determine which U.S. states have the best and worst savings account rates on average.
By: www.gobankingrates.com The good news is that according to our latest study of savings account interest rates in the U.S., there are plenty high-interest options for desperate savers -- the most plentiful of which, it turns out, are in Alabama. Best and Worst Savings Account Rates by State Go Banking Rates recently surveyed the current data in our interest rate database, and calculated the average savings account rates in each state. Alabama took the top spot with an average .40% APY savings rate, followed closely by North Carolina, Vermont and Oklahoma, all with an average savings account interest rate of .35% APY. At the other end of the spectrum, the state of Arizona took last place at a paltry average savings account rate of just .13% APY. New Hampshire wasn't far behind at only .14% APY, while Maine and Wyoming tied for third-worst at .15% APY. See Average Savings Account Interest Rate by State You can check out this interactive heat map to see how states stack up against each other, or view the state-by-state ranking below. State APY Alabama North Carolina Vermont Oklahoma Mississippi 0.33% APY Rhode Island New Jersey New York 0.31% APY West Virginia North Dakota Missouri Louisiana Utah 0.28% APY Delaware Arkansas Maryland Hawaii Georgia Texas 0.26% APY Pennsylvania 0.25% APY Iowa 0.25% APY Kentucky Massachusetts 0.25% APY New Mexico Washington DC 0.24% APY Tennessee Why Do Savings Account Rates Matter? While it's discouraging to see such low savings account rates across the board, it still makes more sense to deposit at a higher interest rate when possible. Establishing yourself as the customer of a bank or credit union with competitive interest rates now will take some of the work out of finding a quality bank in the future, when interest rates begin to rise again. All the while, you'll earn a little interest and have the added protection of FDIC insurance. How Are Average Savings Account Interest Rates Calculated? Go Banking Rates is refreshingly unique, with the ability to provide the most comprehensive and authentic savings rate information. While many interest rate aggregators simply survey local branches belonging to national banks and credit unions, we manually collect interest rate information from individual community banks and local credit unions in every U.S. state, in addition to national and online banks. State savings account interest rate averages are calculated based on the information in our rates database, which populates our Rates Table. Currently, there are more than 4,000 financial institutions in our Rates Table. Rates are based on a $10,000 deposit and are as of July 15, 2012. http://www.gobankingrates.com/ http://www.gobankingrates.com/ End
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