EL SEGUNDO, Calif. (1/31/13)--Oklahoma financial institutions offers consumers the best savings rates in the country and New Jersey's Rutherford Postal District Employees FCU is the financial institution that offers the best savings rate, according to a new study. It compares savings account interest rates offered by more than 4,000 local credit unions and banks.
Go Banking Rates calculated the average savings account rate in every state, according to its database, and ranked each state in order of highest average savings account rates to lowest.
Members of Rutherford (N.J.) Postal District Employees FCU can take advantage of a 2.52% annual percentage rate (APR), the rating company said.
The top states and their average for savings rates are:
Oklahoma (0.34% APR);
Rhode Island (0.32%);
(tie) North Dakota (0.28%);
Utah (0.28%); and
Four states (Florida, Iowa, Nebraska and Pennsylvania) tied for the worst account rate APR at 0.22%, while five states (Hawaii, Massachusetts, New Mexico, Virginia and West Virginia) and Washington, D.C. tied for the second lowest rates at 0.23%.