Nebraska, Iowa rank in the middle on savings account interest

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Posted: Saturday, March 30, 2013 12:00 am

Nebraska ranks in about the middle of the pack for returns on bank and credit union savings accounts, according to an industry researcher.

California-based says the state's financial institutions offer depositors an average savings account interest rate of .21 percent, good for 21st in the nation. Iowa came in 24th at .20 percent.

Rhode Island offers the best rates, the company says, at .32 percent, with North Carolina and Vermont not far behind at .30 percent.

The worst rate, according to the report, is in Montana, at .11 percent, followed by Arizona at .12 percent and Connecticut at .13 percent.

“Hearing their state is 'good' or 'bad' for saving money may not mean much to depositors, but seeing the hard numbers laid out on a U.S. map really puts things in perspective,” says GoBankingRates managing editor Casey Bond. “Savers can use this graphic to guide where and how they save their money in the future.”

The savings map can be viewed here.

GoBankingRates surveyed its database of about 4,000 banks and credit unions to find the average savings account interest rate in each state and in Washington, D.C. The states were then ranked according to the average interest rate on savings.

There are few credit unions offering far-above-average rates, according to the Web site. They include Pioneer Muslim Federal Credit Union in Houston, which is paying 3 percent interest on savings accounts, according to the site.

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