Best and Worst States to Grow Your Money in 2018

Whether your money is in a checking, savings or other account, it needs to be working for you by earning interest and growing. That’s why it’s smart to shop around to find the best rate.

There’s a lot of variation in the rates you’ll find on bank accounts from state to state, so GOBankingRates examined its database of rates for checking, savings and one-year CD accounts to find out which states are best and worst for growing your money. We identified the highest and average interest rates for each product in every state to create our ranking.

Click through to see which are the best and worst states to grow your money in 2018.

Your money won’t grow as fast in Montana because of the low interest rates in the state. It has the lowest average CD rates and checking account interest rates of any state. Even Montana’s highest checking rate — 0.05 percent — is the lowest in the U.S.

The interest rates on savings account in the state aren’t much better. Along with four other states, Montana has the second-lowest average savings account rate of 0.13 percent.

Although a recent GOBankingRates study found that North Dakota is the most fiscally successful state, its residents certainly won’t benefit from the low bank account interest rates there. At 0.12 percent, it has the lowest average savings account rate, and the average checking account interest rate of 0.07 percent is the second lowest in the nation.

CD rates are a little better — but not much. Along with two other states, North Dakota has the fourth-lowest average CD rate of 0.46 percent.

Your money won’t grow much if you leave it in a bank account in New Mexico. Even the highest savings account interest rate of 0.5 percent is the second lowest in the U.S. The average checking account rate of 0.14 percent is the third lowest in our rankings. However, CD rates in New Mexico aren’t the worst. Ten states have a lower average CD rate.

New Mexico isn’t just one of the worst states to grow your money — it’s the worst state for families to live a richer life, another GOBankingRates survey found.

West Virginia has the second-lowest average CD rate — 0.39 percent — in our rankings. Residents should look beyond state lines to find the best CD rates if they want their bank account to help them grow their money.

Checking and savings account interest rates in West Virginia aren’t much better. In fact, the highest checking account rate of 1.01 percent is the sixth lowest in the U.S.

Vermont certainly doesn’t have the best savings account rates. In fact, the state’s highest savings account interest rate of 0.40 percent is the lowest in our study, and the average savings account rate is the second lowest in the U.S.

Residents of the Green Mountain state would be better off keeping their money in an interest-bearing checking account. The average rate of 0.88 percent is the fifth highest in the U.S.

At 0.45 percent, South Carolina has the fourth-lowest average CD rate. It also has the sixth-lowest average savings account rate, along with four other states. Even the highest savings account rate is low. In fact, at 1.10 percent, it’s the ninth-lowest rate in our rankings.

Although another GOBankingRates study found that Delaware is one of the best states to retire rich, it’s not one of the best places to grow your money. If you want money in a checking account to grow, the best rate you’ll find in the state is 0.75 percent — which is the fourth lowest in the U.S.

You won’t do much better putting your money in CDs either in Delaware, which has an average rate that ranks in the bottom half of states. However, the average savings account rate of 0.24 percent is among the top ten highest average rates in our rankings.

Along with four other states, Connecticut has the second-lowest average savings account rate in the U.S. at 0.13 percent. The best savings account rate in the state — 0.9 percent — is still the sixth lowest in our study. You actually can find a higher checking account rate of 3.01 percent in Connecticut.

Although your odds of making money on bank deposits in Nevada might be higher than your chances of winning at a casino, you won’t grow rich keeping your cash in savings account there. The average savings account rate of 0.13 percent is the second lowest in our study.

And the average checking account rate of 0.27 percent ranks in the bottom half of states. However, Nevada’s best CD rate of 1.55 percent is higher than the best rate in about half of the states.

Hawaii is the No. 1 state where you’re most likely to live paycheck to paycheck, a recent GOBankingRates study found. So residents could use all the help they can get growing their money. Unfortunately, they won’t find much help in checking and savings accounts offered by banks in the state.

The average checking and savings account rates in Hawaii are among the lowest in the nation. Residents might be better off growing their money in a CD account. At 1.61 percent, the best CD rate in the state is the sixth-highest rate in our study.

South Dakota is one of the best states for the middle class, another study found. But it certainly doesn’t have the best savings account rates to help you grow your money. The average savings account rate of 0.14 percent is the third lowest in our rankings. Even the highest savings account rate in the state — 0.6 percent — isn’t competitive. It’s the fourth lowest in the U.S.

Plus, the best CD rate in South Dakota is the fifth lowest in our rankings. But the state’s average checking account rate ranks among the top 10.

Given that Oregon is one of the states where people are most likely to live paycheck to paycheck, residents would benefit from being able to grow their money. But a savings account in one of the state’s banks might not be the best option.

At just 0.12 percent, Oregon has the lowest average savings account rate in the U.S. — along with North Dakota and Indiana. To grow their money, residents might want to choose a CD account over a savings account. The highest CD rate in the state — 1.61 percent — is actually the sixth highest in the nation.

The average CD rate in Minnesota is among the lowest in the U.S., as is the average savings account rate. So Minnesota residents’ money won’t grow as fast in these accounts as it will using other options.

In fact, the average checking account interest rate of 0.66 percent in Minnesota is higher than the average CD and savings rates in the state. The best checking rate in Minnesota is a competitive 2.65 percent.

Arkansas doesn’t have the worst rates in the nation, but it certainly doesn’t have the best. What really drags it down in the rankings is its highest CD rate — which isn’t that high. In fact, the top one-year CD rate of 1.35 percent in Arkansas is the seventh-lowest rate in our study.

Alabama’s checking and savings account rates also aren’t as competitive. Its average savings account rate of 0.19 percent ranks in the middle of states, and its average checking account rate of 0.51 percent falls within the bottom half of rates.

Rhode Island is one of the worst states to retire rich due to its high cost of living and high tax rates. It’s not one of the best states to grow your money, either.

On the plus side, the average checking account and savings account rates in Rhode Island are higher than the average rates in most states. But the highest rates available on these accounts can’t compete with the best rates in checking and savings accounts in other states. Plus, the average CD rate in Rhode Island is among the lowest in the U.S.

Maryland is not one of the best states to grow rich because of low average checking and savings account rates. Both rank among the lowest in the nation.

However, Maryland’s average CD account rate is higher than in more than half of the states, and the highest CD rate available in the state is a competitive 1.61 percent.

Although Indiana is one of the best places to live on a middle-class income, residents won’t be able to grow their money much by putting it in one of the state’s savings accounts. Along with Oregon and North Dakota, Indiana has the lowest average savings account rate of just 0.12 percent.

Indiana residents might be better off letting their money grow in an interest-bearing checking account. The state’s average rate of 0.74 percent is higher than the average in most states.

Don’t count on getting rich by keeping your money stashed in a savings account in Kentucky. The state’s average savings account rate is in the bottom half of our rankings. Even if you get the state’s highest rate of 1 percent, you’d be earning less than in most other states.

However, the average checking account rate in Kentucky is among the highest in the nation. And the state’s top checking account rate of 4 percent is higher than the best checking account rates in more than half of the other states.

At 1.7 percent, Maine has one of the best CD interest rates in the U.S. However, Maine isn’t one of the best states to grow rich because the rates on checking and savings accounts aren’t nearly as competitive.

The best checking account rate of 1.5 percent in Maine is the eighth lowest in our rankings. And the average savings account rate ranks near the bottom of states.

Although the New Jersey’s average checking account rate of 0.41 percent ranks near the bottom of states, the average CD rate and savings account rate rank among the top half of states.

Pennsylvania’s best one-year CD rate of 1.68 percent is the third-highest rate in our rankings. The state’s checking and savings account rates aren’t as competitive, though, which is why Pennsylvania isn’t one of the best states to grow your money.

The average checking account rate of 0.46 percent ranks near the bottom in our study, and the average savings account rate of 0.19 percent ranks near the middle of states.

Interest rates on deposit accounts in North Carolina aren’t among the lowest. But the state doesn’t have any standout rates, either, which is why it’s not one of the best states to grow your money.

North Carolina residents should shop around to find the best high-yield savings accounts to help their money grow faster. You might find better rates at online banks rather than brick-and-mortar institutions.

Arizona has the third-lowest average savings account rate in our study. Residents looking for the best interest rates might be better off keeping their cash in an interest-bearing checking account or a CD account.

The state’s average checking account rate of 0.57 percent ranks near the middle of states, but Arizona’s best checking account rate — 5.12 percent — is the fifth-highest rate in our study. And its top one-year CD rate of 1.7 percent is the second-highest CD rate in the U.S.

Tennessee has the fifth-highest one-year CD rate in our rankings — along with seven other states that have CD accounts offering 1.61 percent. Plus, its average checking account rate ranks among the top half of states.

However, the highest checking account rate you can get in the state isn’t as competitive as what you’ll find in more than half of the other states. The same applies to the highest savings account rate in Tennessee, which is why it’s not among the best states to grow rich.

Alaska is one of seven states with no income tax. Because they can hang onto more of their hard-earned cash, Alaska residents could help their money grow more by stashing it in an interest-bearing account.

Unfortunately, savings account rates are low in the state. At 0.13 percent, Alaska has the second-lowest average savings account rate in the U.S. along with four other states. The average checking account rate, though, is higher here than in most states. And the state’s top CD rate of 1.66 percent is the fourth highest in our study.

A recent GOBankingRates study found that 43 percent of Idaho residents have $0 in a savings account. Perhaps they’re turned off by the low rates on savings accounts in the state. The highest savings account rate in Idaho is just 0.54 percent — the third lowest in our rankings.

Idaho residents might be keeping their cash in checking accounts. The average rate of 0.86 percent is among the ten highest in the U.S. It also has one of the highest CD rates — 1.61 percent.

Florida is one of the best states to start a business, another GOBankingRates study found. But it’s a little harder to grow rich in the Sunshine State if you put your money in a savings account. At 0.22 percent, Florida doesn’t have the best savings account rates. And the state’s average checking account rate of 0.34 percent is the eighth lowest in the U.S.

Residents might be better off putting their money in a CD account. Florida has the second-highest one-year CD rate of 1.7 percent.

Illinois has the highest one-year CD rate of any state — 1.71 percent. However, the average CD rate in the state is the sixth lowest, which drags Illinois down in the rankings.

Plus, the average savings account rate is in the bottom half of our rankings. Illinois residents might be better off growing their money in an interest-bearing checking account if they can get the state’s highest rate of 5.01 percent.

Iowa has competitive CD and checking account rates, which can help residents grow their money. At 0.88 percent, Iowa has the fifth-highest average checking account rate, and its top checking account rate of 4.01 percent is higher than the majority of states. And the average one-year CD rate is the 10th highest in our rankings.

Nebraska ranks among the top half of the states to grow rich due to its relatively high-interest rates across the board. Both the average CD rate and highest CD rate in the state are among the 10 highest in our study.

Also, the average savings account rate of 0.22 percent is the 10th highest in the U.S. At 1.26 percent, though, the top savings account rate in the state isn’t the best in our rankings. But the top checking account rate of 4.01 percent is higher than in most states.

At 10 percent, Ohio has the highest checking account rate of any state. The average checking account rate is better than the rate in only about half of the states, and rates on other deposit accounts in Ohio aren’t as competitive.

In fact, the average savings account rate of 0.15 percent is the fourth lowest in our study. And the average one-year CD rate in Ohio is lower than the majority of states.

If it weren’t for its low CD rates, Wyoming would rank even higher among the best states to grow rich. The state’s best one-year CD rate of 0.8 percent is actually the lowest in the U.S.

Residents can find better rates with checking and savings accounts. In fact, Wyoming’s average checking account rate of 0.95 percent is the fourth highest in our study, and its average savings account rate is the third highest.

Michigan is one of the states where $1 million will last the longest in retirement, a recent GOBankingRates study found. Retirees — and all residents — would be smart to stash some of their cash in an interest-bearing account to help it grow and last even longer.

The average checking account rate of 0.77 percent in Michigan is the 10th highest in our rankings. If you shop around for the best checking account interest rates, you might be able to get the state’s highest rate of 7 percent — which is the third-highest rate in the U.S.

New Hampshire is the best state for families to live a richer life, a recent GOBankingRates study found. And residents can make their money grow by taking advantage of the state’s competitive savings account rates. New Hampshire has the fifth-highest average savings account rate in our study. And its top rate of 5.12 percent is the third highest in our rankings.

The average checking account rate in New Hampshire is higher than in the majority of states, but the best CD rate in the state is the third lowest in the U.S.

High CD and checking account rates help make Kansas one of the better states to grow your money. It has the second-highest one-year CD rate in the U.S. — 1.7 percent. And at 5.12 percent, it has the sixth-highest checking account rate.

Kansas doesn’t have the best savings account rates, but they’re better than the rates in more than half of the states.

The average savings account rate in Missouri is higher than in the majority of states. What makes it stand out as one of the best states to grow your money, though, are the competitive checking and CD rates.

At 6.02 percent, Missouri has the fourth-highest checking account rate in our rankings. And the average rate of 0.8 percent is the 10th highest. Plus, Missouri has the third-highest one-year CD rate, along with two other states.

Wisconsin ranks among the best states to grow your money in large part due to its high checking account rates. Its top rate of 7.5 percent is the second highest in the nation and the average checking account rate of 0.87 percent is the sixth highest in our rankings.

Savings account rates in the state aren’t as impressive, with the average and highest rate ranking lower than rates in half of the states. But CD rates are more competitive than in the majority of states.

Virginia’s relatively high CD and checking account rates help make it one of the best states to grow your money. Its top checking account rate of 5.05 percent is the sixth highest in the U.S.

And the average CD rate is the third highest in our rankings. The top CD rate in the state of 1.61 percent is the sixth highest in the country.

Georgia is a good state to grow your money thanks to competitive checking and savings account rates there. It has the fifth-highest checking account rate in our study at 6 percent. The average checking account rate in Georgia is higher than the rates in the majority of states.

The state also has the seventh-highest average savings account rate. Considering that a GOBankingRates study found that 44 percent of Georgia’s residents have $0 in savings, more people could be taking advantage of the rates on deposit accounts in the state to grow their money.

New Yorkers live in one of the states most likely to live paycheck to paycheck, so they would benefit from having some cash reserves to help them cover emergency expenses. By stashing their money in a savings account, they’ll build a cash cushion and can benefit from competitive interest rates on deposit accounts in their state.

At 4 percent, the top savings account rate in New York is the fifth-highest rate in our rankings. The best checking account rate in New York is also 4 percent. And New York has the third-highest one-year CD rate — 1.68 percent.

Stashing money in savings and checking accounts are good ways to grow your money in Massachusetts. The state’s top savings account rate of 5.12 percent is the third highest in our rankings. At 5.12 percent, the top checking account rate in Massachusetts is the sixth highest in our study.

It doesn’t rank higher because the average checking and savings account rates in the state are lower than in nearly half of the other states. And the top CD rate of 1.51 percent isn’t one of the best rates.

When Lynyrd Skynyrd wrote “Sweet Home Alabama,” the band probably didn’t have the state’s sweet interest rates on deposit accounts in mind. But Alabama makes it into the top 10 best states to grow your money due to its high average CD, checking and savings account rates.

In fact, Alabama has the fourth-highest average CD rate in our rankings — 0.31 percent. And the state’s top savings account rate of 3 percent is the sixth highest. Its checking and CD rates also are higher than rates in the majority of states.

Californians can use all the help they can get growing their money because it’s another one of the states where people are most likely to live paycheck to paycheck. Fortunately, it has some of the best interest rates.

The state’s top savings account rate of 7 percent is the second highest in our rankings. And it has the fifth-highest checking account rate — 5.12 percent.

Mississippi residents can benefit from the state’s low cost of living, which makes it the top state where $1 million lasts longest in retirement. Residents also can benefit from the high savings account rates in the state.

At 7 percent, Mississippi has the second-highest savings account rate in our study. It also has the second-highest average savings account rate of 0.36 percent. The average one-year CD rate of 0.62 percent also ranks among the top 10 highest average rates.

High savings account and CD rates make Colorado one of the best states to grow your money. Colorado’s top savings account rate of 7 percent is the second highest in our study.

Colorado also has the second-highest one-year CD rate — 1.7 percent. And the state’s average CD rate ranks among the top 10 highest average rates.

You can grow your money by just leaving it in a checking account in Oklahoma. The state has the second-highest average checking account rate at 1.03 percent, and the state’s top rate of 5.12 percent is the sixth-highest checking account rate.

Oklahoma has the second highest average CD rate of 0.79 percent. And the state’s best one-year CD rate of 1.66 percent is the fourth highest in our rankings.

Everything is bigger in Texas — even the interest rates. At 7 percent, Texas boasts the second-highest savings account rate in our study. Its top checking account rate of 5.12 percent is the sixth highest, and it has the fourth-highest one-year CD rate — 1.66 percent.

Washington has some of the best interest rates of any state. Its top savings account rate of 7.52 percent is the highest in our study, and its best checking account rate of 7 percent is the third highest in the U.S. Plus, Washington has the third-highest average checking account rate — 0.98 percent.

It doesn’t rank higher because the average CD rate of 0.46 percent is the fifth lowest in the nation. If you shop around for CD accounts, though, you might be able to score the state’s top rate of 1.61 percent.

Utah has the highest average CD rate of any state — 0.94 percent. And its top one-year CD rate of 1.65 percent is the fifth highest in the U.S.

An even better place to grow your money in Utah is a savings account if you can get the state’s top rate of 7 percent. Checking account rates in the state aren’t as impressive. Utah’s average checking account ranks among the bottom half of states.

A large percentage of Louisiana’s residents — 43 percent — have $0 in a savings account, a recent GOBankingRates study found. However, they could benefit from stashing their cash in a deposit account because the state has some of the best interest rates.

At 7 percent, Louisiana’s top savings account rate is the second highest in our rankings — along with four other states. What helps it claim the No. 1 spot in our rankings, though, is its high average checking account rate. At 1.2 percent, it’s the best in the nation. And its top rate of 4.25 percent ranks among the 10 highest checking account rates.

Louisiana’s average one-year CD rate is the third highest in the nation, while its top rate of 1.66 percent is the fourth highest.

Whether you live in Alaska or New York, it’s important to find the best interest rates so you can grow your wealth. But which states offer the most attractive rates to help you do just that?

Here are the 10 best states to grow your money in 2018:

1. Louisiana 2. Utah 3. Washington 4. Texas 5. Oklahoma 6. Colorado 7. Mississippi 8. California 9. Alabama 10. Massachusetts

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Methodology: Rates for checking account, savings account and one-year CD sourced from GOBankingRates database from 11/15/17-11/16/17. We identified the highest and average APY for each product in every state to assign a score of 0 to 1 (0 being the best). Scores for each product maximum and average were added to determine the total score, and states ranked from lowest (best) score to highest.