Arkansas, New York, Massachusetts Have Best Savings Account Rates in United States

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Jan 28, 2014, 07:00 ET

LOS ANGELES, Jan. 28, 2014 /PRNewswire/ -- A new GOBankingRates study of savings account interest rates offered by more than 4,000 U.S. financial institutions found Arkansas ranked highest, with an average yield of 0.204% APY. North Dakota came in last place with an average savings account rate of just 0.035% APY.

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Here's why it's easier to save money in New York than in Oregon. / Source: GOBankingRates. (PRNewsFoto/GOBankingRates) (PRNewsFoto/GOBANKINGRATES)

To see savings account rates in your area, go to http://www.gobankingrates.com/savings-account/.

5 Highest-Ranking States

Arkansas: 0.204% APY
New York: 0.170% APY
Massachusetts: 0.152% APY
Mississippi: 0.151% APY
Louisiana: 0.136% APY

5 Lowest-Ranking States

North Dakota: 0.035% APY
Montana: 0.037% APY
South Dakota: 0.042% APY
Connecticut: 0.054% APY
Indiana: 0.056% APY

To see the complete rankings and view an infographic of the data, go to: http://www.gobankingrates.com/savings-account/rates-average-savings-interest-state/

"Savings account rates, on average, are flat-out terrible right now," said Casey Bond, GOBankingRates managing editor. "Even so, averages don't tell the whole story -- high-yield accounts do exist at small, community banks and credit unions, as well as online banks. Depositors simply need to put in the effort to find them."

Study Details

Data referenced in this study was compiled from the GOBankingRates interest rate database, which in partnership with Informa Research Services Inc., aggregates bank account and interest rate information belonging to more than 4,000 U.S. financial institutions. This information has been obtained from various financial institutions, and Informa Research Services cannot guarantee its accuracy.

Averages above are calculated according to base rates offered on interest-bearing savings accounts from banks and credit unions located in the United States as of Jan. 20, 2014. Accounts offered through brokerage firms were omitted. Annual percentage yields were rounded to the nearest thousandth percentile, and actual returns may be slightly lower or higher than shown.

About GOBankingRates

GOBankingRates (http://www.gobankingrates.com/) is a personal finance website that connects consumers with the best interest rates nationwide on savings, checking, money market and CD accounts, as well as auto loans. Its database aggregates interest rates from more than 4,000 national, local and online financial institutions. GOBankingRates editors have been featured on several top media outlets, including U.S. News & World Report, Yahoo! Finance, Forbes, The Street, Huffington Post and more.

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Contact:
Connie Lundegard
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310.297.9233 x112

SOURCE GOBankingRates