The Best Interest Rate in Every State

With interest rates at historic lows, finding the best interest rates is one way to maximize your savings. Different financial products come with different rates and, depending on what you choose, you can watch your money grow quickly.

Learn the best interest rate available on a financial product in each state. Compare your state’s rate with your current one and switch it up if doing so can help you save better and faster.

1. Alabama: 3.00% APY

The Citizens Bank & Trust in Alabama offers a great rate on its Kasasa Cash checking account for balances up to $15,000. The account also comes with up to $10 per month in ATM fee rebates and free online banking. To qualify for this interest rate, you must:

• Sign up for electronic statements.
• Have at least one direct deposit or ACH deposit.
• Make at least 10 debit card purchases each month.

2. Alaska: 4.00% APY

If you need to open a new bank account in Alaska, consider the Peak Rewards Checking at Northern Skies Federal Credit Union. It pays 4.00% APY on balances up to $15,000. You’ll also get $10 per month in ATM fee refunds, unlimited check writing and free online banking. To qualify for this interest rate, you must:

• Set up one direct deposit.
• Make at least 12 debit card purchases per month.
• Sign up for electronic statements and online banking.

3. Arizona: 5.12% APY

The 5.12% APY on Farmers Insurance Federal Credit Union’s High Yield Checking account applies only to the first $5,000 and then goes to 0.30% APY for any higher balance. You do get ATM fee rebates of up to $10 per month and loan discounts. To qualify for this interest rate, you must:

• Set up a minimum of $500 per month in direct deposits.
• Sign up for electronic statements.
• Make at least 20 debit card transactions per month.

Related: Online Banks vs. Traditional Banks — Where to Get the Best Interest Rates

4. Arkansas: 3.01% APY

The Hope Federal Credit Union offers a 3.01% APY on its Hope Rewards Checking account balances up to $10,000. You get up to $20 in ATM fee rebates, free online banking and free online bill pay. To qualify for this interest rate, you must:

• Conduct 12 debit card transactions per month.
• Log into your online or mobile banking at least once month.
• Set up at at least one direct deposit or ACH deposit.
  

5. California: 7.00% APY

In California, you have two options to get the best online savings account rate of 7.00% APY, but both come with limitations. At the Chevron Federal Credit Union, you can earn up to 7.00% APY on amounts up to $1,000 with the MySavings account. To qualify for this interest rate, you must be 21 or younger.

At the Schools Financial Credit Union, you’ll get that same 7.00% APY regardless of your age, but it will apply only to the first $500 in your Everyone Savings account.

Find Out: 10 Best Savings Accounts of 2017

6. Colorado: 7.00% APY

Like in California, the single Colorado Chevron Federal Credit Union branch offers the best high interest savings account with a 7.00% APY on balances up to $1,000 in a MySavings account. The account, however, is available only to union members who are 21 and younger.

7. Connecticut: 3.01% APY

The Success Checking account at Putnam Bank in Connecticut offers a 3.01% APY interest rate on balances up to $9,999.99. A $20 minimum is required to open an account, but there is no monthly fee. To qualify for this interest rate, you must:

• Set up a direct or ACH deposit.
• Make 15 debit card transactions each month.
• Sign up for online banking and electronic statements.

8. Delaware: 2.65% APY

A CD is the best account type for high interest rates from Barclays Bank Delaware. The best CD rates are on the 60-month version, which offers 2.65% APY. No minimum balance is required to open the account, but these kinds of CD rates don’t come free — there is a penalty for early withdrawal. You can withdraw your interest at any time for free, but you’ll pay to withdraw your principal.

9. Florida: 2.27% APY

American Airlines Credit Union offers offer 2.27% APY on its Priority Checking account for balances up to $5,000. Above that, you’ll earn just 0.05% APY. To get the higher rate, you must:

• Make 15 debit card transactions each month.
• Set up at least one direct deposit of $250.
• Sign up to receive online statements.

10. Georgia: 6.00% APY

You can earn a 6.00% APY on the first $500 in your E-Account Checking account at the Georgia Heritage Federal Credit Union. You’re not required to maintain a minimum balance, and you’ll get unlimited check writing and free online banking and bill pay. To qualify, you must:

• Conduct 15 signature-based debit transactions per month.
• Sign up for online statements.

11. Hawaii: 2.50% APY

The Honolulu Federal Credit Union offers a 2.50% APY on its free Kasasa Cash checking account. The rate isn’t as high as some of the others on this list, but it does apply to balances of up to $10,000. It also offers up to $25 in monthly ATM fee refunds and no service fees. To qualify, you must:

• Make at least 12 debit card purchases each month.
• Enroll for electronic statements and online banking.

12. Idaho: 2.50% APY

Idaho has a three-way tie for the highest interest rate. The Idaho State University Credit Union offers 2.50% APY on its Rewards Plus Checking for balances of up to $20,000. Capital Educators Credit Union and Icon Credit Union offer 2.50% APY on balances of up to $10,000 on their High-Yield Checking accounts.

13. Illinois: 5.01% APY

Hometown Community Banks’ “The Amazing Account” offers a 5.01% APY on the first $5,000 in your account, after which you’ll earn 0.10% APY. You can redeem your interest payments as points instead of cash. To qualify, you must make 10 debit card purchases each month.

14. Indiana: 4.00% APY

The Centra Credit Union has a High Interest Checking account that pays 4.00% APY on balances of up to $1,000. After that, you’ll earn 2.00% APY on balances between $1,000.01 and $5,000 and 0.20% APY on any amount more than $5,000. If you don’t meet the account requirements, your interest rate will drop to 0.10% on your whole balance and you’ll have to pay a $5 fee. To qualify, you must:

• Use direct deposit.
• Get electronic statements.
• Make at least 15 debit purchases each month.

15. Iowa: 5.00% APY

A solid 5.00% APY interest rate applies to the first $5,000 you deposit in a Life Checking account at Premier Bank in Iowa, and you’ll get up to $20 in ATM fees refunded each month. Although you aren’t required to sign up for electronic statements, you’ll pay $2 for each paper statement you receive. The bank guarantees this rate through at least Dec. 31, 2018. To qualify, you must use your debit card at least 20 times each month.

16. Kansas: 5.12% APY

The Farmers Insurance Federal Credit Union’s High Yield Checking account has a tiered rate of 5.12% APY on the first $5,000. After that, you earn 0.30% APY on everything else. To qualify, you must:

• Make 20 debit card transactions per month.
• Set up at least one $500 direct deposit each month.

Check Out: Best Checking Account Interest Rates in Every State

17. Kentucky: 4.00%APY

The Honors Checking account at Class Act Federal Credit Union offers a 4.00% APY on balances of up to $5,000. You won’t pay any monthly fees, and you’ll get free bill pay in addition to SnapDeposit, a feature that enables you to remotely deposit checks in your account. To qualify, you must:

• Log in to home banking at least once per month.
• Get your statements electronically.
• Make 10 or more debit transactions that add up to at least $200 each month.
• Set up at least one direct deposit or ACH payroll deposit.

18. Louisiana: 7.00% APY

Louisiana is another state in which Chevron Federal Credit Union offers its 7.00% APY interest rate but keep in mind that it applies only to the $1,000 in the MySavings account, which is limited to credit union members 21 and younger.

19. Maine: 2.01% APY

Bar Harbor Bank & Trust offers a tiered interest rate on its E-Choice Checking account that tops out at 2.01% APY for the first $10,000 in deposits. To qualify, you must:

• Use your debit card 12 times a month.
• Have at least one ACH credit or debit on the account per month.
• Log into online banking once each month.
• Sign up for electronic statements.

20. Maryland: 3.01% APY

Destinations Credit Union also offers a Kasasa Cash checking account with a 3.01% APY that applies balances of up to $10,000. Amounts above $10,000 earn 0.25% APY — and you’ll get up to $20 in ATM fees refunded monthly. To qualify, you must:

• Make 12 check card purchases per month.
• Enroll for electronic statements and online banking.

21. Massachusetts: 5.12% APY

Two banks in Massachusetts offer a 5.12% APY. Although many institutions offer the best rates on checking accounts and stipulate a minimum number of debit card transactions per month, the savings account rates at Digital Federal Credit Union buck that trend. Digital Federal Credit Union offers 5.12% APY on the first $750 you deposit in a Primary Savings account, and there are no qualifications to earn that rate.

Alden Credit Union offers a 5.12% APY on the first $5,000 for its ‘Nuff Said Checking account. Ironically, you cannot write checks with this checking account. To qualify, you must:

• Make 20 debit card transactions per month.
• Set up direct deposit.
• Enroll for electronic statements.

22. Michigan: 7.00% APY

Community West Credit Union in Michigan pays you 7.00% APY for balances of up to $2,000 on its 7.00% Checking Account. You won’t pay a monthly fee, and you’ll get a free debit MasterCard. To qualify, you must:

• Use the debit MasterCard at least seven times a month.
• Set up at least $200 in direct deposits per month.

23. Minnesota: 5.00% APY

SharePoint Credit Union pays 5.00% APY on its Premier Rate Checking account, but there’s some important fine print to read. The rate applies only to the first $2,500 you deposit and lasts only for one year. After that, you earn the regular rate, which is currently 1.00% APY. If you don’t make 10 point-of-sale debit card transactions per month, you’ll pay a $5.95 monthly account fee.

24. Mississippi: 7.00% APY

Once again, Chevron Credit Union takes the top interest rate in Mississippi with its 7.00% APY. The catch is that it applies only to the MySavings account, which is limited to credit union members under 21.

25. Missouri: 6.02% APY

Gateway Metro Federal Credit Union offers a 6.02% APY rate on its EHanced Checking account — and that rate applies to the first $1,500 in the account. To qualify, you must:

• Sign up for the free e-package, which includes direct deposit, electronic statements and online banking.
• Make at least 15 credit transactions each month with your debit card.

26. Montana: 1.20% APY

A lot of the banks on this list offer high interest rates on a specific portion of your savings account balance, usually in exchange for several debit card transactions. Daniels-Sheridan Federal Credit Union, however, offers its best rate, 1.20% APY, on its two-year CD.

Related: 10 Best CD Accounts of 2017

27. Nebraska: 4.01% APY

The Saver’s Advantage checking account at the SAC Federal Credit Union in Nebraska pays 4.01% APY on the first $1,000. After that, you’ll get earn 0.05% APY on the remaining balance. In addition to the higher rate, you’ll get two ATM fee refunds per month. To qualify you must:

• Make 12 debit card transactions per month that total $120.
• Receive electronic statements.
• Set up a monthly recurring direct deposit.

28. Nevada: 3.00% APY

Although many of the high rates on this list apply to only a small part of your balance, the Aspire Checking account at Greater Nevada Credit Union will earn you 3.00% APY rate on balances of up to $15,000. You must:

• Set up direct deposit.
• Opt for electronic statements.
• Make 15 debit card transactions each month.

29. New Hampshire: 5.12% APY

Digital Federal Credit Union’s Primary Savings account offers 5.12% APY on the first $750 you deposit. The account is free for all members and has no additional requirements other than keeping a $5 minimum balance.

30. New Jersey: 2.30% APY

Synchrony Bank’s five-year CD earns the highest rate in New Jersey. You can withdraw the interest in the account at any time without paying a penalty but if you withdraw any of the principal, your penalty will be 365 days of simple interest at the current rate.

31. New Mexico: 2.50% APY

The First American Bank offers a rewards checking account with the highest interest rate in the state. The interest rate applies to the first $25,000 in the checking account, and you’ll earn a 0.20% APY on any higher balance.
For this account, you must:

• Set up one direct deposit or ACH credit.
• View your statement online.
• Use your debit card at least 12 times a month.

32. New York: 4.00% APY

The Bank of Greene County’s e-Checking Account and e-Savings Account offer 4.00% APY on the first $1,000 in deposits. If you have a $1,000 balance in each account, you’ll earn 4.00% APY on a total of $2,000 — and there are no additional requirements for either account.

Keep Reading: 13 Banks Offering Free Checking With No Minimum Balance

33. North Carolina: 2.27% APY

American Airlines Credit Union’s Priority Checking offers a 2.27% APY on balances of up to $5,000. You’ll get $20 of ATM fees refunded each month and free mobile banking with mobile deposit. To qualify, you must:

• Make 15 debit card transactions each month.
• Set up a monthly direct deposit of at least $250.
• Enroll for online statements using a valid email account.

34. North Dakota: 2.066% APY

Hometown Credit Union takes the top spot in this state with its 2.066% APY rate on a 65-month CD. You need at least $1,000 to open it, and if you withdraw your money early, you’ll have to pay a penalty of 365 days’ worth of dividends. The NCUA insures your deposits for up to $250,000.

35. Ohio: 10.00% APY

At the Bridge Credit Union, you can get a 10.00% APY with the Diamond Dividends checking account — and it applies to balances of up to $1,500. You’ll get eight free ATM withdrawals per month and pay $2 for additional ones — there are no ATM fee rebates. To qualify, you must:

• Have a minimum balance of $1,500, or you’ll pay a $4.95 monthly fee.
• Use your debit card 35 times a month.
• Have direct deposits that total more than $1,000 every month.
• Sign up for electronic statements.

36. Oklahoma: 5.12% APY

Farmers Insurance Group Federal Credit Union’s High Yield Checking will earn you 5.12% APY on the first $5,000 in the account. Account holders enjoy no minimum balance and no monthly fees. To qualify, you must:

• Use your debit card 20 times per month.
• Set up at least $500 in direct deposits.
• Opt to get your statements electronically.

37. Oregon: 2.529% APY

At Point West Credit Union you can get a 2.529% APY on balances of up to $15,000 in your Eco Checking account. No minimum balance is required and no monthly fees are charged for the account. You can get a 0.25% APR discount on loans you take out at the bank. To qualify for this account’s interest rate, you must:

• Enroll in online banking.
• Get your statements electronically.
• Set up at least $500 in direct deposits each month.
• Make a minimum of 10 Point West credit card transactions each month.

38. Pennsylvania: 3.00% APY

Belco Community Credit Union’s Cha-Ching! Checking account is available only as part of the SmartMoney Package and will earn you a 3.00% APY on balances between $1,000 and $9,999.99, but none if your balance is less than $1,000. You’ll earn a 0.05% APY on balances of $10,000 and above. If you don’t meet the qualifications, your account will earn only the Basic Checking rate of 0.05% APY on amounts over $5,000 in any month. To qualify, you must:

• Enroll in the SmartMoney Package, which requires a $10,000 minimum, average, aggregate balance across loans and deposits at the bank.
• Make at least 10 debit or credit card purchases a month.
• Set up a direct deposit, Bill Payer transaction or automatic ACH withdrawal.

39. Rhode Island: 2.75% APY

At Randolph Savings Bank in Rhode Island, you can earn 2.75% APY on balances of up to $25,000 in the Apex Checking account.

If you don’t meet the qualifications for the 2.75% APY, your APY for the entire will be 0.01%. Because even the basic savings account earns 0.10% APY, it doesn’t pay to keep much more than $25,000 in this checking account. If you fail to meet the requirements, your entire balance will earn just 0.01% APY. To qualify, you must:

• Set up direct deposits of at least $2,500.
• Make 10 point of sale debit card transactions per month.
• Sign up for electronic statements.

40. South Carolina: 2.00% APY

The Greater Abbeville Credit Union offers the best rate in South Carolina on its money market account. You’ll earn a 2.00% APY on balances of up to $20,000 — and dividends are compounded and paid quarterly. You’ll have no minimum number of transactions you must make, but you’ll need a minimum of $5,000 in loans with the institution to earn this high interest rate.

41. South Dakota: 3.05% APY

Frontier Bank offers the Kasasa Cash program that enables you to earn 3.05% APY on balances of up to $20,000. You also get up to $20 per month in ATM fee refunds and free online banking and bill pay. If you use bill pay at least once a month, it will be free; otherwise, you’ll pay a $4.95 fee.

Balances that exceed $20,000 will earn from 3.05% APY to 0.72% APY — you’ll earn just 0.05% APY if you don’t meet all the requirements. To qualify, you must:

• Open the account with a minimum of $50.
• Make at least 12 debit card transactions per month.
• Sign up for electronic statements.
• Set up at least one direct or ACH deposit each month.

42. Tennessee: 3.50% APY

Electric Service Credit Union’s Interest Rewards Checking account offers a 3.50% APY on balances of up to $5,000. Amounts higher than $5,000 earn 0.25% APY. To qualify, you must:

• Make 10 debit card transactions per month.
• Receive electronic statements.
• Set up at least one direct deposit each month.

43. Texas: 7.00% APY

Chevron Federal Credit Union’s MySavings account offers the highest interest rate in Texas on the first $1,000 in the account. You won’t pay any fees or have a minimum balance or transaction requirement. You’re in luck if you’re 21 or younger — you’ll qualify.

44. Utah: 7.00% APY

The Chevron Federal Credit Union’s MySavings account is available only for credit union members 21 and under. If you meet that one qualification, you’ll earn 7.00% APY on the first $1,000 in the account. On higher balances, the regular savings rate will apply.

45. Vermont: 1.409% APY

Vermont’s highest interest rate comes from The First National Bank of Orwell on its 24-month CD. You can withdraw interest at any time, but if you withdraw from the principal, that money will be subject to a penalty of 90 days’ interest.

46. Virginia: 5.05% APY

Beacon Credit Union’s Choice Plus Checking offers a 5.05% APY on the first $2,500 in in the account — balances that exceed that will earn 0.05% APY. The account comes with free checks and bill pay, as well sa no monthly fee. To qualify, you must:

• Open the account with at least $100.
• Make at least one direct deposit each month.
• Keep an average daily balance of $300.
• Sign up for electronic statements.
• Make a minimum of 15 debit card transactions per month.

47. Washington: 7.52% APY

O Bee Credit Union offers a high 7.52% APY on its basic savings account, but that rate applies only to the first $500. To qualify, you must:

• Enroll for electronic statements.
• Have an aggregate of at least $100 in direct deposits for all your O Bee checking and savings accounts.

In lieu of the direct deposits, you can make a minimum of just three debit transactions. If you’re under 18, though, you won’t need to set up direct deposits or make a minimum number of debit card transactions.

48. West Virginia: 4.00% APY

Meridian Trust Credit Union offers a 4.00% APY on its free checking account for balances of up to $15,000 — higher balances earn a 0.05% APY. To qualify, you must:

• Make at least 10 debit card transactions of $5 each.
• Set up at least one direct deposit per month.

49. Wisconsin: 7.50% APY

Landmark Credit Union’s Free High Rate Checking account has no monthly service fee or minimum balance, and it offers free online and mobile banking and free bill pay. On top of it all, you’ll get a 7.50% APY. The rate applies only to the first $500, however, and after that, you’ll earn only 0.20% APY. To qualify, you must:

• Set up a minimum of $250 per month in ACH deposits.
• Sign up to receive electronic statements.

50. Wyoming: 4.99% APY

Blue Federal Credit Union of Wyoming’s Accelerated Savings account pays you 4.99% APY on balances of up to $1,000, which isn’t that high, but the rate’s requirements are easy to fulfill. To qualify, you must:

• Set up a minimum monthly deposit of $5.
• Maintain a minimum daily balance of $25.

Next Up: 2017 Interest Rate Forecast — How the Fed Rate Hike Will Impact You

Methodology: GOBankingRates used its database, which surveys rates from more than 4,000 financial institutions to identify the best deposit rate offered by a financial institution based in that state. The final best deposit rates for each state were verified against each financial institution’s website and were accurate as of May 30, 2017. The deposit products considered in this study were CDs and share certificates with terms up to five years, savings accounts, and checking accounts. Rates are subject to change at the financial institutions’ discretion.

See Also: The Highest CD Rates in Every State

About the Author

Brian Nelson

Brian Nelson is a Denver-based writer who specializes in writing about finance, technology, and other complex topics. As a former Certified Financial Planner, Brian spent years helping people understand their finances and learned that not all successful financial planning is about numbers. Brian has written for numerous financial planning firms, personal finance websites and financial publications including Dow Jones Publications.

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