The average national rate for savings accounts is just 0.06 percent annually, according to information from the FDIC as of Oct. 2, 2017. If you shop around, however, you can find much higher rates for your money.
Online savings banks typically offer higher rates. Smaller banks and credit unions might offer a bonus to attract depositors and some financial institutions offer different types of accounts that pay higher yields. GOBankingRates surveyed the nation’s savings account rates, from all types of banks and credit unions, to determine the highest savings rate in each state. See if you qualify to open one of these top savings accounts — and ask any savings account questions you might have before you open one to ensure it’s in line with your overall financial plan.
Here’s the highest savings account interest rate in every state:
|Best Savings Account Rate in Every State|
|State||Institution Name||Savings Account||Interest Rate (APY)|
|Alabama||Avadian Credit Union||Centsible Savings||3.00%|
|Alaska||MAC Federal Credit Union||Regular Shares & Secondary Shares||0.50%|
|Arizona||State Farm Federal Credit Union||Share Savings Account||1.26%|
|Arkansas||Arkansas Superior Credit Union||Primary Share Accounts||0.50%|
|California||Schools Financial Credit Union||Banking for Everyone||7.00%|
|Colorado||Blue Federal Credit Union||Accelerated Savings||4.99%|
|Connecticut||Suma Yonkers Credit Union||Regular Shares Account||0.76%|
|Delaware||AllyFed Credit Union||First State Saves||1.05%|
|Florida||First Commerce Credit Union FL||Save Systematic Savings||2.26%|
|Georgia||Aflac Federal Credit Union||Savings Account||1.25%|
|Hawaii||Kahuku Federal Credit Union||Regular Savings||0.75%|
|Idaho||Bank of Idaho||U-Save||0.54%|
|Illinois||Win hood Co op Credit Union||Passbook||1.75%|
|Indiana||Professional Police Officers Credit Union||Share Account||0.51%|
|Iowa||Iowa State Bank||Kasasa Saver||1.15%|
|Kansas||Sm Federal Credit Union||Share Account||0.75%|
|Kentucky||Franklin Bank Franklin KY||My Hometown Saver||1.00%|
|Louisiana||Chevron Federal Credit Union||MySavings||7.00%|
|Maine||Able Banking||Personal Money Market Savings||1.30%|
|Maryland||Presidential Bank||Premier Savings||0.50%|
|Massachusetts||Digital Federal Credit Union||Primary Savings||5.12%|
|Michigan||Northpointe Bank||Ultimate Savings||1.12%|
|Minnesota||Dawson Co-Op Credit Union||Share Savings Account||1.00%|
|Mississippi||Coastal Credit Union||Share Savings Account||0.60%|
|Missouri||De Soto Mo Pac Credit Union||Share Accounts||1.00%|
|Montana||Altana Credit Union||Wealth Builder Savings Account||0.85%|
|Nebraska||FNBO Direct||Online Savings Account||1.15%|
|Nevada||Pahranagat Valley Federal Credit Union||Regular Share Account||0.75%|
|New Hampshire||Woodsville Guaranty Savings Bank||GO Savings||0.75%|
|New Jersey||The Bank of Princeton||Princeton Savings||1.00%|
|New Mexico||The Citizens Bank of Clovis||Regular Savings Account||0.50%|
|New York||The Bank of Greene County||e-Savings||4.00%|
|North Carolina||State Employees Credit Union North Carolina||Share Account||0.75%|
|North Dakota||Hometown Credit Union ND||Share Savings (S1)||0.50%|
|Ohio||Nationwide Bank||Online Savings Account||1.30%|
|Oklahoma||MidFirst Direct||High Yield Online Savings||1.00%|
|Oregon||Twinstar Credit Union||Kasasa Saver||1.25%|
|Pennsylvania||Citadel||High Yield Savings Account||1.30%|
|Rhode Island||Home Loan Investment Bank||Sky High Savings||1.00%|
|South Carolina||Quorum Credit Union||HighQ Savings||1.10%|
|South Dakota||Richland State Bank||CALL||0.60%|
|Tennessee||American Airlines Credit Union||Savings/Share Account||1.25%|
|Texas||Houston Police Credit Union||Silver Star Savings||2.02%|
|Utah||Transwest Credit Union||Green Savings||1.51%|
|Vermont||Heritage Family Credit Union||Share Savings Account||0.40%|
|Virginia||Langley Federal Credit Union||Langley Saves||1.61%|
|Washington||O Bee Credit Union||High-Interest Savings Account||7.52%|
|West Virginia||SFGI Direct Community Bank||Savings Account||1.31%|
|Wisconsin||Incredible Bank||Savings Account||1.21%|
|Wyoming||Trona Valley Federal Credit Union||High Yield Savings Account||1.00%|
|Rates accurate as of Oct. 3, 2017|
States With the Highest Savings Account Interest Rates
When it comes to savings accounts with the highest interest rates, there are two states that reign supreme: Washington and Louisiana. Washington’s O Bee Credit Union High-Interest Savings account lives up to its name — it has the highest interest rate savings account on the list at 7.52% APY, which is 125 times the national average.
To qualify, you have to sign up for e-statements and use your debit card for at least three purchases per month or have at least $100 in monthly direct deposits. If you have a child under 18, they can qualify by signing up for e-statements.
In Louisiana, the Chevron Federal Credit Union is close behind in the race for the best high-interest savings account, paying 7.00% APY on its MySavings account. You must be 21 or younger to qualify, however, and the rate is valid only on balances up to $1,000.
Related: 10 Best Savings Accounts of 2017
States With the Lowest Savings Account Interest Rates
Although competitors can’t compete with these super-high rates, you’ll find plenty of financial institutions with good rates. In Massachusetts, Digital Federal Credit Union pays 5.12% APY on its Primary Savings account. Blue Federal Credit Union, located in Colorado, isn’t far behind with its offering of 4.99% APY on its Accelerated Savings account.
At the bottom end of the scale is Vermont. The top-paying bank in the state is Heritage Family Credit Union, which pays only 0.40% APY on its Share Savings Account. Many other states aren’t far behind — the highest savings rates in Alaska, Arkansas, Maryland, North Dakota and New Mexico top out at just 0.50% APY.
Although the rates in those states might seem low compared with the highest rates in the survey, they still pay more than eight times the national average interest rate for savings accounts.