Hearing their state is 'good' or 'bad' for saving money may not mean much to depositors, but seeing the hard numbers laid out on a U.S. map really puts things in perspective.
EL SEGUNDO, CA (PRWEB) March 28, 2013
Although interest rates today may be low overall, a new savings account study from GoBankingRates.com finds that savers’ ability to find high yield savings rates can depend on where they live.
With the use of a helpful infographic, GoBankingRates highlights the best and worst states for saving money in the United States.
“Hearing their state is 'good' or 'bad' for saving money may not mean much to depositors, but seeing the hard numbers laid out on a U.S. map really puts things in perspective,” says GoBankingRates managing editor Casey Bond, adding, “Savers can use this graphic to guide where and how they save their money in the future.”
GoBankingRates surveyed its database of more than 4,000 local banks and credit unions to find the average savings account interest rate in each state and in Washington, D.C. The states were then ranked according to the average interest rate on savings, to find which states offered the best (and worst) dividends in the nation.
According to the interest rate information in the GoBankingRates database, credit unions and banks were offering the highest savings account interest rates in Rhode Island, with an average of 0.32% APY. Runners-up include North Carolina and Vermont, both with averages of 0.30% APY.
On the other end of the spectrum falls Montana, with an average 0.11% APY interest rate on savings. Arizona offers the second-worst rates with a 0.12% APY average, and Connecticut has the third-worst average of 0.13% APY.
Note that the savings and CD rates used in this study are current as of February 28, 2013, based on institutions' online published rates and a deposit amount of $10,000, and may have changed since this date. It is advised that before opening an account, depositors verify rates with financial institutions and review all terms and conditions of individual accounts.
For questions about this report or to schedule an interview with a GoBankingRates editor, please use the contact information below.
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Jaime Catmull, Director of Public Relations
[Infographic and embed code attached]