Best Savings Account Rate in Every State

Find out if your state is among those with high savings account rates.

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
StateInstitution NameSavings AccountInterest Rate (APY)
AlabamaAvadian Credit UnionCentsible Savings3.00%
AlaskaMAC Federal Credit UnionRegular Shares & Secondary Shares0.50%
ArizonaState Farm Federal Credit UnionShare Savings Account1.26%
ArkansasArkansas Superior Credit UnionPrimary Share Accounts0.50%
CaliforniaSchools Financial Credit UnionBanking for Everyone7.00%
ColoradoBlue Federal Credit UnionAccelerated Savings4.99%
ConnecticutSuma Yonkers Credit UnionRegular Shares Account0.76%
DelawareAllyFed Credit UnionFirst State Saves1.05%
FloridaFirst Commerce Credit Union FLSave Systematic Savings2.26%
GeorgiaAflac Federal Credit UnionSavings Account1.25%
HawaiiKahuku Federal Credit UnionRegular Savings0.75%
IdahoBank of IdahoU-Save0.54%
IllinoisWin hood Co op Credit UnionPassbook1.75%
IndianaProfessional Police Officers Credit UnionShare Account0.51%
IowaIowa State BankKasasa Saver1.15%
KansasSm Federal Credit UnionShare Account0.75%
KentuckyFranklin Bank Franklin KYMy Hometown Saver1.00%
LouisianaChevron Federal Credit UnionMySavings7.00%
MaineAble BankingPersonal Money Market Savings1.30%
MarylandPresidential BankPremier Savings0.50%
MassachusettsDigital Federal Credit UnionPrimary Savings5.12%
MichiganNorthpointe BankUltimate Savings1.12%
MinnesotaDawson Co-Op Credit UnionShare Savings Account1.00%
MississippiCoastal Credit UnionShare Savings Account0.60%
MissouriDe Soto Mo Pac Credit UnionShare Accounts1.00%
MontanaAltana Credit UnionWealth Builder Savings Account0.85%
NebraskaFNBO DirectOnline Savings Account1.90%
NevadaPahranagat Valley Federal Credit UnionRegular Share Account0.75%
New HampshireWoodsville Guaranty Savings BankGO Savings0.75%
New JerseyThe Bank of PrincetonPrinceton Savings1.00%
New MexicoThe Citizens Bank of ClovisRegular Savings Account0.50%
New YorkThe Bank of Greene Countye-Savings4.00%
North CarolinaState Employees Credit Union North CarolinaShare Account0.75%
North DakotaHometown Credit Union NDShare Savings (S1)0.50%
OhioNationwide BankOnline Savings Account1.30%
OklahomaMidFirst DirectHigh Yield Online Savings1.00%
OregonTwinstar Credit UnionKasasa Saver1.25%
PennsylvaniaCitadelHigh Yield Savings Account1.30%
Rhode IslandHome Loan Investment BankSky High Savings1.00%
South CarolinaQuorum Credit UnionHighQ Savings1.10%
South DakotaRichland State BankCALL0.60%
TennesseeAmerican Airlines Credit UnionSavings/Share Account1.25%
TexasHouston Police Credit UnionSilver Star Savings2.02%
UtahTranswest Credit UnionGreen Savings1.51%
VermontHeritage Family Credit UnionShare Savings Account0.40%
VirginiaLangley Federal Credit UnionLangley Saves1.61%
WashingtonO Bee Credit UnionHigh-Interest Savings Account7.52%
West VirginiaSFGI   Direct Community BankSavings Account1.31%
WisconsinIncredible BankSavings Account1.21%
WyomingTrona Valley Federal Credit UnionHigh Yield Savings Account1.00%
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.

Up Next: 10 Best Savings Account Promotions Available Now

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About the Author

John Csiszar is a freelance writer and article curator. He served as a registered investment advisor for 18 years before becoming a writing and editing contractor for private clients. In addition to writing thousands of articles for various online publications, he has published two educational books for young adults.