Banks That Give You Free Money in Every State
Who doesn't like free?
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Few things in this world get people more excited than free stuff. There are always the ones that freely help themselves to samples at the grocery store no matter how many dirty looks they get from the lady running the station. But, there might be something of a disconnect in how American consumers look at “free.” Because for all of the people that grab everything that’s not nailed down in their hotel room before they check out, or make the bartender refill the pretzel bowl 64 times in three hours, there just doesn’t seem to be as many people who are interested in shopping around for the best savings account rates. After all, that’s free money. Free money that you earn month after month with literally zero effort.
To help consumers everywhere continue in the grand American spirit of taking full advantage of everything they’ve got coming to them, GOBankingRates compiled a list of banks across America with at least $500 million in assets that have high annual percentage yields. With the exception of Idaho, Nevada and Oregon — banks in these states didn’t have public-facing APY data — this is a comprehensive look at the banks that offer the highest APYs for a basic savings account in every part of the country. If your bank is offering you less than another in-state option, know that you’re leaving free money on the table.
1. Hawaii
- Bank name: Bank of Hawaii
- Location: Honolulu
- Total assets: $17,643,000,000
- Savings account: Regular Savings
- APY: 0.03%
Don’t Miss: Best Banks 2020
2. Montana
- Bank name: Rocky Mountain Bank
- Location: Billings
- Total assets: $528,000,000
- Savings account: Regular Savings
- APY: 0.03%
3. New Hampshire
- Bank name: Northway Bank
- Location: Berlin
- Total assets: $896,000,000
- Savings account: Statement Savings
- APY: 0.05%
More Banking Opportunities: Wells Fargo Promotions: Best Offers, Coupons, and Bonuses
4. North Carolina
- Bank name: North Street Bank
- Location: Albemarle
- Total assets: $659,000,000
- Savings account: Statement Savings
- APY: 0.05%
5. Rhode Island
- Bank name: The Washington Trust Co. of Westerly
- Location: Westerly
- Total assets: $5,199,000,000
- Savings account: Freedom Statement Savings
- APY: 0.05%
More Bank Bonuses: Best Bank Of America Promotions and Offers
6. Alabama
- Bank name: Southern States Bank
- Location: Anniston
- Total assets: $1,128,000,000
- Savings account: Common Sense Savings
- APY: 0.10%
7. Arizona
- Bank name: Arizona Bank and Trust
- Location: Phoenix
- Total assets: $695,000,000
- Savings account: Regular Savings
- APY: 0.10%
8. Florida
- Bank name: Citizens First Bank
- Location: The Villages
- Total assets: $2,345,000,000
- Savings account: Savings
- APY: 0.10%
9. Iowa
- Bank name: Bankers Trust
- Location: Des Moines
- Total assets: $4,919,000,000
- Savings account: Regular Savings
- APY: 0.10%
10. Kentucky
- Bank name: Central Bank
- Location: Lexington
- Total assets: $2,701,000,000
- Savings account: Regular Savings
- APY: 0.10%
11. Louisiana
- Bank name: Origin Bank
- Location: Choudrant
- Total assets: $5,366,000,000
- Savings account: Simple Savings
- APY: 0.10%
12. Maryland
- Bank name: Howard Bank
- Location: Baltimore
- Total assets: $2,293,000,000
- Savings account: Personal Savings
- APY: 0.10%
13. Michigan
- Bank name: Macatawa Bank
- Location: Holland
- Total assets: $2,143,000,000
- Savings account: Regular Savings
- APY: 0.10%
14. Minnesota
- Bank name: Bridgewater Bank
- Location: Saint Louis Park
- Total assets: $2,227,000,000
- Savings account: Savings
- APY: 0.10%
15. Mississippi
- Bank name: BankFirst
- Location: Macon
- Total assets: $1,273,000,000
- Savings account: FIRSTSavings Account
- APY: 0.10%
16. New Mexico
- Bank name: New Mexico Bank and Trust
- Location: Albuquerque
- Total assets: $1,607,000,000
- Savings account: Regular Savings
- APY: 0.10%
17. North Dakota
- Bank name: Bell Bank
- Location: Fargo
- Total assets: $6,266,000,000
- Savings account: Regular Savings
- APY: 0.10%
18. Utah
- Bank name: Bank of Utah
- Location: Ogden
- Total assets: $1,440,000,000
- Savings account: Regular Savings
- APY: 0.10%
19. Vermont
- Bank name: Union Bank
- Location: Morrisville
- Total assets: $844,000,000
- Savings account: Personal Statement Savings
- APY: 0.10%
20. Virginia
- Bank name: Carter Bank & Trust
- Location: Martinsville
- Total assets: $4,020,000,000
- Savings account: Carter Savings
- APY: 0.10%
21. Wisconsin
- Bank name: Town Bank
- Location: Hartland
- Total assets: $2,393,000,000
- Savings account: Statement Savings
- APY: 0.10%
22. Alaska
- Bank name: Northrim Bank
- Location: Anchorage
- Total assets: $1,604,000,000
- Savings account: Classic Savings
- APY: 0.11%
23. California
- Bank name: First Republic Bank
- Location: San Francisco
- Total assets: $111,029,000,000
- Savings account: Passbook Savings
- APY: 0.15%
Stay Digital: Best Online Banks of 2020
24. Delaware
- Bank name: Bank of Delmarva
- Location: Seaford
- Total assets: $792,000,000
- Savings account: Statement Savings
- APY: 0.15%
25. Illinois
- Bank name: CIBC Bank USA
- Location: Chicago
- Total assets: $31,743,000,000
- Savings account: CIBC Agility Online Savings Account
- APY: 1.85%
26. Kansas
- Bank name: Security Bank of Kansas City
- Location: Kansas City
- Total assets: $3,226,000,000
- Savings account: Personal Savings Account
- APY: 0.15%
27. Massachusetts
- Bank name: Northern Bank and Trust Company
- Location: Woburn
- Total assets: $2,148,000,000
- Savings account: Northern True Savings
- APY: 0.15%
28. New Jersey
- Bank name: ConnectOne Bank
- Location: Englewood Cliffs
- Total assets: $6,161,000,000
- Savings account: Statement Savings
- APY: 0.15%
29. Ohio
- Bank name: Union Bank
- Location: Columbus Grove
- Total assets: $876,000,000
- Savings account: Statement Savings
- APY: 0.15%
30. Pennsylvania
- Bank name: Customers Bank
- Location: Phoenixville
- Total assets: $11,724,000,000
- Savings account: Reserve Savings
- APY: 0.15%
31. Tennessee
- Bank name: FirstBank
- Location: Nashville
- Total assets: $6,085,000,000
- Savings account: Basic Savings
- APY: 0.15%
32. Texas
- Bank name: Independent Bank
- Location: McKinney
- Total assets: $14,954,000,000
- Savings account: Regular Savings
- APY: 0.15%
33. West Virginia
- Bank name: Clear Mountain Bank
- Location: Bruceton Mills
- Total assets: $653,000,000
- Savings account: Personal Savings
- APY: 0.17%
34. Georgia
- Bank name: UnitedBank
- Location: Zebulon
- Total assets: $1,459,000,000
- Savings account: Regular Savings Account
- APY: 0.20%
35. South Carolina
- Bank name: South Street Bank
- Location: Columbia
- Total assets: $15,749,000,000
- Savings account: Smart Savings
- APY: 0.20%
36. Washington
- Bank name: HomeStreet Bank
- Location: Seattle
- Total assets: $6,795,000,000
- Savings account: Statement Savings
- APY: 0.20%
37. Nebraska
- Bank name: Pinnacle Bank
- Location: Lincoln
- Total assets: $5,194,000,000
- Savings account: PinnSavings Account
- APY: 0.23%
38. Maine
- Bank name: Northeast Bank
- Location: Lewiston
- Total assets: $1,123,000,000
- Savings account: Prime Savings
- APY: 0.25%
39. Missouri
- Bank name: Midwest BankCentre
- Location: St. Louis
- Total assets: $2,007,000,000
- Savings account: Statement Savings
- APY: 0.25%
40. Oklahoma
- Bank name: Gateway Bank
- Location: Jenks
- Total assets: $1,477,000,000
- Savings account: Statement Savings
- APY: 0.25%
41. South Dakota
- Bank name: BankWest
- Location: Pierre
- Total assets: $1,100,000,000
- Savings account: Statement Savings
- APY: 0.25%
Also See: Best Regional Banks of 2020
42. Connecticut
- Bank name: Bankwell Bank
- Location: New Canaan
- Total assets: $1,856,000,000
- Savings account: Smart Savings
- APY: 0.30%
43. Arkansas
- Bank name: Arvest Bank
- Location: Fayetteville
- Total assets: $19,332,000,000
- Savings account: Savings
- APY: 0.35%
44. Colorado
- Bank name: Bank of Colorado
- Location: Fort Collins
- Total assets: $4,428,000,000
- Savings account: Savings Account
- APY: 0.40%
45. Wyoming
- Bank name: Pinnacle Bank
- Location: Torrington
- Total assets: $956,000,000
- Savings account: PinnSave Personal Account
- APY: 0.40%
46. Indiana
- Bank name: First Internet Bank
- Location: Jasper
- Total assets: $4,093,000,000
- Savings account: Free Savings
- APY: 0.75%
Discover: Best National Banks of 2020
47. New York
- Bank name: Amalgamated Bank
- Location: New York
- Total assets: $5,031,000,000
- Savings account: Online Savings
- APY: 1.20%
More Interest Rates
- Ally Bank Interest Rates
- Bank of America Interest Rates
- Capital One Interest Rates
- Chase Bank Interest Rates
- US Bank Interest Rates
- Wells Fargo Interest Rates
More from GOBankingRates
- What Is Compound Interest?
- What Is APY?
- When Is It Good for Me to Have High Interest Rates?
- Interest Rate vs. APR: How Not Knowing the Difference Can Cost You
- Interest Rate Forecast: See What Fed Rate Hikes or Cuts Mean
- How Do Interest Rate Changes Affect You
- How Does the Current Prime Interest Rate Affect Me?
- How Does LIBOR Work?
- How To Calculate APR
- Easiest Way to Explain What an Interest Rate Is
Methodology: GOBankingRates looked at all state-chartered member banks and state-chartered nonmember banks with total assets above $500 million as sourced from the Federal Reserve’s September 2019 statistical release. GOBankingRates then looked at all qualifying banks by state and selected the largest bank in terms of total assets that had an annual percentage yield (APY) for savings accounts above the national average as sourced from the Federal Deposit Insurance Corporation’s weekly national rates report for Feb. 3, 2020. For banks with interest tiers, the rate corresponding to an account with $5,000 in savings was applied. GOBankingRates looked at each bank’s most basic savings account. No online banks were considered for this study. All data was compiled and is up to date as of Feb. 10, 2020.
About the Author
Joel Anderson
Joel Anderson is a business and finance writer with over a decade of experience writing about the wide world of finance. Based in Los Angeles, he specializes in writing about the financial markets, stocks, macroeconomic concepts and focuses on helping make complex financial concepts digestible for the retail investor.
View All
Few things in this world get people more excited than free stuff. There are always the ones that freely help themselves to samples at the grocery store no matter how many dirty looks they get from the lady running the station. But, there might be something of a disconnect in how American consumers look at “free.” Because for all of the people that grab everything that’s not nailed down in their hotel room before they check out, or make the bartender refill the pretzel bowl 64 times in three hours, there just doesn’t seem to be as many people who are interested in shopping around for the best savings account rates. After all, that’s free money. Free money that you earn month after month with literally zero effort.
To help consumers everywhere continue in the grand American spirit of taking full advantage of everything they’ve got coming to them, GOBankingRates compiled a list of banks across America with at least $500 million in assets that have high annual percentage yields. With the exception of Idaho, Nevada and Oregon — banks in these states didn’t have public-facing APY data — this is a comprehensive look at the banks that offer the highest APYs for a basic savings account in every part of the country. If your bank is offering you less than another in-state option, know that you’re leaving free money on the table.
1. Hawaii
- Bank name: Bank of Hawaii
- Location: Honolulu
- Total assets: $17,643,000,000
- Savings account: Regular Savings
- APY: 0.03%
Don’t Miss: Best Banks 2020
2. Montana
- Bank name: Rocky Mountain Bank
- Location: Billings
- Total assets: $528,000,000
- Savings account: Regular Savings
- APY: 0.03%
3. New Hampshire
- Bank name: Northway Bank
- Location: Berlin
- Total assets: $896,000,000
- Savings account: Statement Savings
- APY: 0.05%
More Banking Opportunities: Wells Fargo Promotions: Best Offers, Coupons, and Bonuses
4. North Carolina
- Bank name: North Street Bank
- Location: Albemarle
- Total assets: $659,000,000
- Savings account: Statement Savings
- APY: 0.05%
5. Rhode Island
- Bank name: The Washington Trust Co. of Westerly
- Location: Westerly
- Total assets: $5,199,000,000
- Savings account: Freedom Statement Savings
- APY: 0.05%
More Bank Bonuses: Best Bank Of America Promotions and Offers
6. Alabama
- Bank name: Southern States Bank
- Location: Anniston
- Total assets: $1,128,000,000
- Savings account: Common Sense Savings
- APY: 0.10%
7. Arizona
- Bank name: Arizona Bank and Trust
- Location: Phoenix
- Total assets: $695,000,000
- Savings account: Regular Savings
- APY: 0.10%
8. Florida
- Bank name: Citizens First Bank
- Location: The Villages
- Total assets: $2,345,000,000
- Savings account: Savings
- APY: 0.10%
9. Iowa
- Bank name: Bankers Trust
- Location: Des Moines
- Total assets: $4,919,000,000
- Savings account: Regular Savings
- APY: 0.10%
10. Kentucky
- Bank name: Central Bank
- Location: Lexington
- Total assets: $2,701,000,000
- Savings account: Regular Savings
- APY: 0.10%
11. Louisiana
- Bank name: Origin Bank
- Location: Choudrant
- Total assets: $5,366,000,000
- Savings account: Simple Savings
- APY: 0.10%
12. Maryland
- Bank name: Howard Bank
- Location: Baltimore
- Total assets: $2,293,000,000
- Savings account: Personal Savings
- APY: 0.10%
13. Michigan
- Bank name: Macatawa Bank
- Location: Holland
- Total assets: $2,143,000,000
- Savings account: Regular Savings
- APY: 0.10%
14. Minnesota
- Bank name: Bridgewater Bank
- Location: Saint Louis Park
- Total assets: $2,227,000,000
- Savings account: Savings
- APY: 0.10%
15. Mississippi
- Bank name: BankFirst
- Location: Macon
- Total assets: $1,273,000,000
- Savings account: FIRSTSavings Account
- APY: 0.10%
16. New Mexico
- Bank name: New Mexico Bank and Trust
- Location: Albuquerque
- Total assets: $1,607,000,000
- Savings account: Regular Savings
- APY: 0.10%
17. North Dakota
- Bank name: Bell Bank
- Location: Fargo
- Total assets: $6,266,000,000
- Savings account: Regular Savings
- APY: 0.10%
18. Utah
- Bank name: Bank of Utah
- Location: Ogden
- Total assets: $1,440,000,000
- Savings account: Regular Savings
- APY: 0.10%
19. Vermont
- Bank name: Union Bank
- Location: Morrisville
- Total assets: $844,000,000
- Savings account: Personal Statement Savings
- APY: 0.10%
20. Virginia
- Bank name: Carter Bank & Trust
- Location: Martinsville
- Total assets: $4,020,000,000
- Savings account: Carter Savings
- APY: 0.10%
21. Wisconsin
- Bank name: Town Bank
- Location: Hartland
- Total assets: $2,393,000,000
- Savings account: Statement Savings
- APY: 0.10%
22. Alaska
- Bank name: Northrim Bank
- Location: Anchorage
- Total assets: $1,604,000,000
- Savings account: Classic Savings
- APY: 0.11%
23. California
- Bank name: First Republic Bank
- Location: San Francisco
- Total assets: $111,029,000,000
- Savings account: Passbook Savings
- APY: 0.15%
Stay Digital: Best Online Banks of 2020
24. Delaware
- Bank name: Bank of Delmarva
- Location: Seaford
- Total assets: $792,000,000
- Savings account: Statement Savings
- APY: 0.15%
25. Illinois
- Bank name: CIBC Bank USA
- Location: Chicago
- Total assets: $31,743,000,000
- Savings account: CIBC Agility Online Savings Account
- APY: 1.85%
26. Kansas
- Bank name: Security Bank of Kansas City
- Location: Kansas City
- Total assets: $3,226,000,000
- Savings account: Personal Savings Account
- APY: 0.15%
27. Massachusetts
- Bank name: Northern Bank and Trust Company
- Location: Woburn
- Total assets: $2,148,000,000
- Savings account: Northern True Savings
- APY: 0.15%
28. New Jersey
- Bank name: ConnectOne Bank
- Location: Englewood Cliffs
- Total assets: $6,161,000,000
- Savings account: Statement Savings
- APY: 0.15%
29. Ohio
- Bank name: Union Bank
- Location: Columbus Grove
- Total assets: $876,000,000
- Savings account: Statement Savings
- APY: 0.15%
30. Pennsylvania
- Bank name: Customers Bank
- Location: Phoenixville
- Total assets: $11,724,000,000
- Savings account: Reserve Savings
- APY: 0.15%
31. Tennessee
- Bank name: FirstBank
- Location: Nashville
- Total assets: $6,085,000,000
- Savings account: Basic Savings
- APY: 0.15%
32. Texas
- Bank name: Independent Bank
- Location: McKinney
- Total assets: $14,954,000,000
- Savings account: Regular Savings
- APY: 0.15%
33. West Virginia
- Bank name: Clear Mountain Bank
- Location: Bruceton Mills
- Total assets: $653,000,000
- Savings account: Personal Savings
- APY: 0.17%
34. Georgia
- Bank name: UnitedBank
- Location: Zebulon
- Total assets: $1,459,000,000
- Savings account: Regular Savings Account
- APY: 0.20%
35. South Carolina
- Bank name: South Street Bank
- Location: Columbia
- Total assets: $15,749,000,000
- Savings account: Smart Savings
- APY: 0.20%
36. Washington
- Bank name: HomeStreet Bank
- Location: Seattle
- Total assets: $6,795,000,000
- Savings account: Statement Savings
- APY: 0.20%
37. Nebraska
- Bank name: Pinnacle Bank
- Location: Lincoln
- Total assets: $5,194,000,000
- Savings account: PinnSavings Account
- APY: 0.23%
38. Maine
- Bank name: Northeast Bank
- Location: Lewiston
- Total assets: $1,123,000,000
- Savings account: Prime Savings
- APY: 0.25%
39. Missouri
- Bank name: Midwest BankCentre
- Location: St. Louis
- Total assets: $2,007,000,000
- Savings account: Statement Savings
- APY: 0.25%
40. Oklahoma
- Bank name: Gateway Bank
- Location: Jenks
- Total assets: $1,477,000,000
- Savings account: Statement Savings
- APY: 0.25%
41. South Dakota
- Bank name: BankWest
- Location: Pierre
- Total assets: $1,100,000,000
- Savings account: Statement Savings
- APY: 0.25%
Also See: Best Regional Banks of 2020
42. Connecticut
- Bank name: Bankwell Bank
- Location: New Canaan
- Total assets: $1,856,000,000
- Savings account: Smart Savings
- APY: 0.30%
43. Arkansas
- Bank name: Arvest Bank
- Location: Fayetteville
- Total assets: $19,332,000,000
- Savings account: Savings
- APY: 0.35%
44. Colorado
- Bank name: Bank of Colorado
- Location: Fort Collins
- Total assets: $4,428,000,000
- Savings account: Savings Account
- APY: 0.40%
45. Wyoming
- Bank name: Pinnacle Bank
- Location: Torrington
- Total assets: $956,000,000
- Savings account: PinnSave Personal Account
- APY: 0.40%
46. Indiana
- Bank name: First Internet Bank
- Location: Jasper
- Total assets: $4,093,000,000
- Savings account: Free Savings
- APY: 0.75%
Discover: Best National Banks of 2020
47. New York
- Bank name: Amalgamated Bank
- Location: New York
- Total assets: $5,031,000,000
- Savings account: Online Savings
- APY: 1.20%
More Interest Rates
- Ally Bank Interest Rates
- Bank of America Interest Rates
- Capital One Interest Rates
- Chase Bank Interest Rates
- US Bank Interest Rates
- Wells Fargo Interest Rates
More from GOBankingRates
- What Is Compound Interest?
- What Is APY?
- When Is It Good for Me to Have High Interest Rates?
- Interest Rate vs. APR: How Not Knowing the Difference Can Cost You
- Interest Rate Forecast: See What Fed Rate Hikes or Cuts Mean
- How Do Interest Rate Changes Affect You
- How Does the Current Prime Interest Rate Affect Me?
- How Does LIBOR Work?
- How To Calculate APR
- Easiest Way to Explain What an Interest Rate Is
Methodology: GOBankingRates looked at all state-chartered member banks and state-chartered nonmember banks with total assets above $500 million as sourced from the Federal Reserve’s September 2019 statistical release. GOBankingRates then looked at all qualifying banks by state and selected the largest bank in terms of total assets that had an annual percentage yield (APY) for savings accounts above the national average as sourced from the Federal Deposit Insurance Corporation’s weekly national rates report for Feb. 3, 2020. For banks with interest tiers, the rate corresponding to an account with $5,000 in savings was applied. GOBankingRates looked at each bank’s most basic savings account. No online banks were considered for this study. All data was compiled and is up to date as of Feb. 10, 2020.
About the Author
Joel Anderson
Joel Anderson is a business and finance writer with over a decade of experience writing about the wide world of finance. Based in Los Angeles, he specializes in writing about the financial markets, stocks, macroeconomic concepts and focuses on helping make complex financial concepts digestible for the retail investor.
