GOBankingRates

Best Savings Account Rate in Every State

vadimguzhva / Getty Images/iStockphoto

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 1.85%
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.

Up Next: 10 Best Savings Account Promotions Available Now

Nationwide, Nationwide Bank, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. Member FDIC.