The average interest rate for savings accounts is 0.06 percent. But with so many credit unions, local banks and online banks competing with traditional, brick-and-mortar national banks for customer business, most people don’t have to settle for the national average.
The best of the best credit union and bank rates on this list aren’t confined to one region: In the Pacific Northwest, O Bee Credit Union offers a whopping 7.52% APY; in Alabama, Avadian Credit Union is offering its customers 3% APY. The high interest rates are scattered throughout the country.
To see how your state measures up, take a look at this list of the best savings account rate in each state.
Read: 10 Best Savings Accounts of 2016
Alabama
Avadian Credit Union
Centsible Savings
Rate: 3% APY
If you live, work or worship in a qualifying Alabama county, you can become a member of Avadian Credit Union. You need to keep a minimum balance of just $5 in your savings account to take advantage of the credit union's interest rate. The 3-percent rate is one of the highest in the country, so this is a credit union to keep your eye on if you live in the Yellowhammer State. Avadian also offers ways to invest your savings, such as certificates of deposit or a money market account that allows you to diversify your portfolio.
Alaska
MAC Federal Credit Union
Share Account
Rate: 0.5% APY
Although MAC Federal Credit Union doesn't offer the highest interest rate in the country, you only need $10 to open a savings account and take advantage of a rate that's higher than the national average. Other benefits include direct deposit and free transfers to other share accounts. Plus, if you want to save a little money for holiday spending, the credit union offers a special account just for that — and it only requires a minimum of $5 deposit to open.
Arizona
State Farm Federal Credit Union
Share Account
Rate: 0.80% APY
The NCUA-insured State Farm Federal Credit Union's savings account isn’t among the country’s best for offerings for high interest rates, but it’s still well over the current national average of 0.06 percent. Plus, the minimum to open a savings account is just $5, so it might be a good starting point for new savers. Compound interest is accrued daily and deposited into accounts at the end of the month.
Arkansas
Community First Bank Arkansas
Community e-Savings
Rate: 1.62% APY
This Arkansas bank requires customers to deposit $50 to open a savings account, quite a bit more than the credit unions on this list. However, no minimum balance is required. The interest rate is about average at 1.62 percent. Account holders get standard benefits with their e-Savings account, including online banking and free e-statements.
California
Meriwest Credit Union
Premier Savings
Rate: 3% APY
Account holders with $5,000 or less in their Premier Savings account get a 3-percent interest rate — which is on the higher end of the spectrum of the best savings interest rates currently available. Unfortunately, as the account grows the interest rate drops. The good news is there’s no monthly service fee or minimum opening balance.
Colorado
Alliant Credit Union
High-Rate Savings
Rate: 1% APY
Alliant Credit Union isn’t one of the top interest generators on this list, but it does offer perks that customers might appreciate. For just $5 you can open a High-Rate Savings account, with no limit on your maximum balance — so you can put away as much as you want and still enjoy that 1-percent interest. Alliant offers both mobile and online banking options for account holders, as well as access to more than 80,000 surcharge-free ATMs.
Connecticut
Suma Yonkers Credit Union
Regular Share Account
Rate: 0.76% APY
The Suma Yonkers Credit Union asks customers to deposit a minimum of $50 and keep at least $50 in their savings accounts to enjoy the 0.76% APY interest rate. Before you head over to join, take note that this credit union isn’t available to the general public; it’s exclusive to the members of their sponsor organization, the Ukrainian-American Youth Association, Yonkers Branch, Inc.
Delaware
AllyFed Credit Union
First State Saves
Rate: 1.05% APY
The way Delaware Alliance Federal Credit Union — or AllyFed — members can earn this 1.05-percent rate is by joining the First State Saves initiative, which requires account holders to pledge to save for a goal on the First State Saves website and then open a DAFCU Share Builder Account. To get this rate, members must also make regular deposits. Once a member earns between $500 and $1,000, he's eligible to invest savings in a share certificate and earn an extra 0.25 percent above the current rate.
District of Columbia
Cardinal Bank
First Choice Savings
Rate: 1.01% APY
Cardinal Bank’s First Choice Savings gives account holders with balances under $100,000 an interest rate of 1.01% APY on their savings. This number falls among average interest rates, whereas the bank's minimum deposit of $500 is among the highest. Cardinal Bank offers other benefits like automatic deposit and free mobile banking.
Florida
First Commerce Credit Union
iSave!
Rate: 2.26% APY
For members of the iLIVEFIT! Program, the iSave! savings account boasts one of the higher interest rates in the nation. On top of high rates, members don't have to pay a monthly fee and there’s just a $5 minimum deposit to join.
With an impressive 10 locations, this credit union’s membership eligibility requirements are pretty straightforward: You must live or work in a qualifying area of Florida or Georgia.
Georgia
Genuine Parts Credit Union
Share Savings
Rate: 1.76% APY
This Georgia credit union gives customer three ways to deposit their savings: payroll deduction, in person or by mail. Credit union members must deposit a minimum of $50 in the Share Savings account. There is also a total maximum deposit of $75,000 and a maximum deposit per quarter of $5,000. The interest on the Share Savings account is 1.75% APR — well above the national average.
Hawaii
Kahuku Federal Credit Union
Regular Savings
Rate: 0.75% APY
To become a member of the Kahuku Federal Credit Union, applicants must buy one share worth $50 and pay a credit union member fee of $1. For regular savings, the rate is 0.75% APY. Kahuku Federal Credit Union also offers other savings programs, such as a holiday savings account called Christmas Club Savings, which has a 4.06% APY.
Account holders get perks like free traveler’s checks. The credit union also offers investment products, such as a special 13-month CD with a 2.015% APY. The minimum requirement for this CD is $2,500, outside money only.
Idaho
Bank of Idaho
U-Save
Rate: 0.54% APY
With one of the lower interest rates on this list, the Bank of Idaho’s U-Save program also has some of the most stringent rules in order to earn said interest. First, you must have a U-Earn checking account to open a U-Save account. Second, your U-Earn account must meet certain requirements each month in order for your U-Save account to earn the 0.54-percent interest rate:
Have at least 10 debit card purchases post and settle
Have at least one direct deposit or one automatic payment post and settle
Be enrolled in and receive monthly eStatement notifications
Illinois
Win-Hood Co-op Credit Union
Passbook
Rate: 1.75% APY
All Win-Hood Co-Op members can get a Passbook savings account by depositing at least $10, which is equivalent to a single share. There’s no savings limit and each account will earn 1.75% APR. Accounts are insured up to $250,000 by the National Credit Union Administration.
Any available profits are given to members at the end of the year; dividends are distributed every quarter. Another benefit of the Passbook account is that the credit union pays life savings insurance on all savings account deposits made before the age of 70, with a maximum insurance amount of $1,000.
Indiana
First Robinson Savings Bank
Kasasa Saver
Rate: 0.75% APY
To get the 0.75% rate, the Kasasa Saver account holder must meet certain guidelines outlined by the First Robinson Savings Bank. The qualifications include a monthly minimum of the following: a minimum of 10 posted and settled debit card purchases, as well as one posted and settled automatic payment, direct deposit, or bill pay transaction. The account holder must also be enrolled in and receive eStatement notices. Kasasa Saver account holders don't get charged a monthly fee.
Read: A (Nearly) Foolproof Way to Hit Your Savings Goals
Iowa
Iowa State Bank
Kasasa Saver
Rate: 1.15% APY
The Kasasa Saver, a free savings account from Iowa State Bank, offers account holders a 1.15% APY on balances up to $10,000, with no minimum balance. However, there are minimum requirements that must be met in order to receive this rate.
Each month, account holders must:
Have at least 10 debit card purchases post and settle
Have at least one automatic payment or direct deposit post and settle
Be enrolled in and review eStatements
If account holders don't meet these requirements, they'll still get the fee-free advantage and earn interest at 0.05% APY.
Kansas
SM Federal Credit Union
Share Account
Rate: 0.75% APY
All U.S. Postal Service or Federal Aviation Administration employees who work in Johnson County are eligible for membership at SM Federal Credit Union. The basic share account offers an interest rate of 0.75 percent; it's not among the highest on this list, but still more than the national average.
Interest is calculated on a daily balance and deposited into accounts every quarter. SM Federal Credit Union also offers other financial products like share certificates with yields ranging from 0.75% to 2% APY.
Kentucky
Franklin Bank and Trust Company
My Hometown Saver
Rate: 1.00% APY
To qualify for Franklin Bank’s My Hometown Saver, customers should have at least 12 check card purchases post and settle as well as a minimum of one automatic payment or direct deposit post per quarter. Additionally, account holders must be enrolled in e-statements. If these requirements aren’t met, customers will earn only 0.05% APY.
In addition to the minimum requirements for the higher interest rate, the required minimum deposit is $100. For customers whose accounts drop below $100, a $3 quarterly fee is assessed.
Louisiana
Crescent Bank & Trust
Savings Account
Rate: 0.75% APY
The personal savings account from Crescent Bank & Trust offers customers a 0.75% APR, with a minimum opening deposit of $100. There’s no charge for the first six withdrawals per quarter, but withdrawals that exceed that amount are charged $1 each, and the account might be subject to closure if an account holder exceeds the transfer limits.
No service fees are charged on accounts with a balance greater than $200, but accounts with less than $200 are charged $3 per quarter.
Maine
Kennebec Federal Savings
KFS Rewards Saver
Rate: 0.75% APY
The KFS Rewards Saver account is only open to KFS Rewards Checking customers. To qualify for the KFS Rewards Saver account, each cycle, you must have 15 debit card purchases that post, one direct deposit, and you must be enrolled in and receive eStatement notices.
The savings account requires a $25 minimum opening balance and there are no monthly maintenance charges. A perk of this account is that KFS will automatically transfer all interest earnings as well as all ATM fee refunds on your KFS rewards checking account straight to your Rewards Saver account.
Maryland
Cardinal Bank
First Choice Savings
Rate: 1.01% APY
Cardinal Bank’s First Choice Savings account offers customers a few different ways to save money. With their tiered interest rate program, customers with balances up to $100,000 earn a rate of 1.01% APY; those accounts with balances exceeding $100,000 get 0.21% APY.
The First Choice Savings account requires a monthly balance of $500 to avoid the $10 monthly maintenance fee. Customers have access to free online banking as well as online statements.
Massachusetts
Digital Federal Credit Union
Primary Savings
Rate: 3.04% APY
The Primary Savings account interest rate from Digital Federal Credit Union. Your savings account's balance over that first $500 earns just 0.05% APY, lower than the national average. A minimum balance of just $5 is required in order to open an account and earn dividends. This account doesn't charge any monthly fees.
Michigan
Michigan First Credit Union
SavingsPlus Account
Rate: 0.80% APY
An ideal account for online customers, the Michigan First Credit Union’s SavingsPlus Account rewards customers who access their accounts via mobile apps and the internet. To be eligible for the SavingsPlus Account, customers must be enrolled to receive electronic statements and cannot make more than two in-person or mail-in transactions per month.
Customers must also have a Michigan First Premier Checking Account and use their Michigan First debit card 10 times or more on signature-based purchases. A minimum daily balance of $5,000 is required to earn the 0.80% APY interest rate. Finally, to avoid the $3 monthly fee, account holders must have $400 in direct deposits per month.
Minnesota
Affinity Plus Federal Credit Union
Membership Savings
Rate: 1.00% APY
The Membership Savings account from Affinity Plus Credit Union requires members to maintain a $10 minimum balance and offers an interest rate of 1.00% APY. The interest on this account accrues on a daily basis and is compounded once per month. Along with savings accounts, Affinity also offers a variety of financial tools for planning goals like retirement planning and education savings.
Mississippi
Camp Shelby Federal Credit Union
Share Account
Rate: 0.30% APY
Camp Shelby Federal Credit Union in Mississippi requires members to deposit a minimum of $25 to open a Share Account. This savings account offers a 0.30% interest rate for balances over $10,000 and under $35,500. Along with the credit union’s Share Account, members also have access to other financial products, like the Christmas Club Account, which gives members an easy way to save for holiday expenses.
Missouri
De Soto Mo Pac Credit Union
Share Account
Rate: 1% APY
Missouri’s De Soto Mo Pac Credit Union offers members a Share Savings Account with a 1% APY interest rate. The minimum required balance is $100.00; after depositing that amount, members can begin to earn dividends.
Along with Share Account for savings, De Soto Mo Pac Credit Union also offers CDs, checking accounts and loan services. Membership is available to Union Pacific employees, their families and HVAC workers and their families living or working in Jefferson, Wash., and St. Francois Counties.
Montana
Altana Credit Union
Wealth Builder Savings Account
Rate: 0.85% APY
Atlanta Credit Union helps its members boost their savings with a 0.85-percent interest rate for Wealth Builder Savings Account balances under $10,000. You can save even more money because the credit union doesn’t charge monthly fees on your account and there’s no minimum balance required.
In addition to the Wealth Builder Savings Account, Altana Credit Union offers other ways to save for your goals; a Christmas Club account is available so you can set aside money for the holidays.
Nebraska
AAA Banking
High-Yield Savings Account
Rate: 0.90% APY
The High-Yield Savings Account from AAA in Nebraska will get members 0.90% APY. The account requires members to maintain a minimum balance of $100. For members who maintain this minimum balance, there is no monthly service charge. The account offers several benefits, such as a free AAA ATM Card and access to a convenient mobile banking app. Members can open this savings account online.
Nevada
Pahranagat Valley Federal Credit Union
Savings Account
Rate: 0.85% APY
Anyone who lives, worships, goes to school, or works within a 25-mile radius of the Alamo Post Office, in Alamo, Nevada is eligible to become a member of the Pahranagat Valley Federal Credit Union. Members get access to the savings account, which earns customers 0.85% APY interest.
The maximum amount of money that can be in any share account is $250,000. After members open a savings account, they are eligible to open a checking account. Other available financial products include CDs, IRAs and loans.
New Hampshire
Woodsville Guaranty Savings Bank
GO Savings
Rate: 0.75% APY
Woodsville Guaranty Savings Bank offers customers a 0.75% APY interest rate with their GO Savings accounts. To be eligible for this account, customers must already have a GO Checking account.
Additionally, to get this above-average rate, account holders must also meet the following three conditions each month:
12 debit card purchases posted and settled
Be enrolled in and receive eStatements
Be enrolled in and log into online or mobile banking.
If these three requirements aren’t met, members' GO Savings account will default to an interest rate of 0.05% APY.
New Jersey
Bank of Princeton
Princeton Savings
Rate: 1.15% APY
With an opening deposit of $5000, Bank of Princeton customers can open a Princeton Savings Account. The interest rate for this account is 1.15% APY.
In addition to this account, there are many other services that Bank of Princeton offers its customers to help them manage and grow their money, including CDs, money market accounts and even business-oriented financial solutions.
New Mexico
The Florist Credit Union
Regular Savings (Shares)
Rate: 0.52% APY
The Florist Credit Union, for employees of the floral industry, is located in New Mexico and offers a savings account interest rate of 0.52% APY for balances over $2,500. No minimum balance is required. Customers will also be able to take advantage of the credit union’s other banking products, including loans, CDs and IRAs.
New York
Bank of Greene County
e-Savings
Rate: 4.00% APY
The Bank of Greene County motivates customers to go green by offering incentives to sign up for online and mobile banking. The e-Savings account can be accessed via the bank’s app, which is available for download from the iTunes App Store and Google Play. With the Bank of Greene County mobile app, customers can view their accounts, balances, and transaction history. They can also transfer funds between accounts, pay bills, deposit checks and even locate a branch.
Bank of Green County's e-Savings account offers one of the best interest rates in the country; the 4% APY interest rate is applicable to savings account balances with less than $1,000. For balances over $1,000, the interest rate is 0.15% APY.
North Carolina
State Employees' Credit Union North Carolina
Share Account
Rate: 0.75% APY
In order to become a member of State Employees' Credit Union, applicants must first establish a Share Account. This savings account features a 0.75% APY interest rate and federal insurance protection. Dividends compound each day and are paid out once a month. A minimum opening deposit of $25 is required.
Customers won’t be charged service fees for this account; however, $1 will be charged if the account balance falls below $25 on the statement cut-off date.
North Dakota
Hometown Credit Union ND
Share Savings
Rate: 0.50% APY
Hometown Credit Union in North Dakota offers members a Share Savings account, with an interest rate of 0.50% APY. The account requires a minimum balance of just $5.
All accounts are insured up to $250,000 by the NCUA. Hometown Credit Union ND also offers members a variety of loans along with CDs that range from three-month terms to 60-month terms.
Ohio
Consumers National Bank
Dimes to Dollars Savings
Rate: 5.00% APY
Consumers National Bank helps its customers earn money one dime at a time with its innovative Dimes to Dollars Savings account. First, you must have a Consumers Checking Account, which will be linked to your savings account.
The way the Dimes to Dollars Savings account works is that debit purchases from your checking account are rounded up; the extra amount of each purchase is then deposited to your savings account. That means if you buy lunch with your debit card for $9.87, the total is rounded up to $10 and the 13-cent difference is deposited into your savings account. You can jump start your savings by earning 5% APY on the first $1,000.
Oklahoma
Group Service Employees Federal Credit Union
High Balance Share Rate
Rate: 0.95% APY
The Group Service Employees Federal Credit Union in Oklahoma offers a number of ways to save and invest your money. The High Balance Share Rate is one of those ways, offering an interest rate of 0.95% APY.
In addition to this account, members also have access to other investing and wealth-building products: The credit union offers traditional savings accounts, Christmas Club accounts, IRAs and CDs.
Oregon
Rivermark Community Credit Union
New Member Savings
Rate: 5.00% APY
The Rivermark Community Credit Union New Member Savings is only available to new members. The account must be established within first 30 days of membership. New Member Savings Account balances of $1,000 or less earn 5.00% APY. For balances greater than $1,000, the amount over $1,000 will receive a rate between 2.09% and 5% APY.
There’s no minimum deposit required to open this account and there are no monthly fees. Rivermark makes it easy to open an account; you can do it online and in just minutes.
Pennsylvania
Dollar Bank
Everything Savings
Rate: 1.00% APY
Dollar Bank’s Everything Savings Account gives customers 1.00% APY interest on balances under $20,000. For Everything Savings Accounts with more than $20,000, Dollar Bank gives account holders 1.00% to 0.25% APY. The Everything Savings account doesn't charge monthly fees or require a minimum balance.
Rhode Island
Randolph Savings Bank
Piggy Savings
Rate: 0.95% APY
When you open a Piggy Savings account through Randolph Savings Bank in Rhode Island, you'll earn interest at a rate of 0.95% APY as long as your account balance is under $15,000. For accounts that exceed that amount, the interest rate changes to 0.10% APY.
The account requires a minimum opening deposit of $10. Along with savings accounts, customers have access to other investment products like CDs and money market accounts.
South Carolina
Quorum Credit Union
HighQ
Rate: 1% APY
The HighQ savings account from South Carolina’s Quorum Credit Union offers account holders an interest rate of 1.00% APY. Perks of membership include high-tech products like digital wallets such as Android Pay and Samsung Pay, which allow account holders to pay for goods online and in stores faster and in a secure fashion.
Quorum waives the $5 monthly maintenance fee on savings accounts when members enroll in eStatements. Plus, Quorum doesn’t impose withdrawal penalties or minimum balance requirements.
South Dakota
Richland State Bank
Passbook Savings
Rate: 0.60% APY
The Richland State Bank offers customers the Passbook Savings account, which earns 0.60% APY. The Passbook Savings account requires a $50 minimum deposit. If the Passbook balance drops below $1,000, a $1 per-item fee is charged to the account holder.
Along with savings, this South Dakota bank also offers customers a wide range of financial products including CDs, money market accounts and IRAs.
Tennessee
American Airlines Credit Union
Primary Savings (Share)
Rate: 0.80% APY
The American Airlines Credit Union Share/Savings Account can be opened with just a $5 minimum deposit and a one-time $1 membership fee. This savings account is your share of the credit union, so you can take advantage of all the credit union’s benefits. Every dollar on deposit in your Savings account earns dividends; the interest rate for the Share Savings account is currently 0.80%.
To be eligible to join the American Airlines Credit Union you must be either an active or retired employees of American Airlines, Inc., American Eagle Airlines or the Air Transportation Industry.
Texas
Pioneer Mutual Federal Credit Union
Share Savings
Rate: 2.269% APY
The Pioneer Mutual Federal Credit Union’s Share Savings Account offers customers a 2.269% APY rate and no monthly fees. The account requires a minimum opening balance of $110. Interest is paid quarterly on balances that total $250 or more.
The Share Savings account is accessible online, in person or by phone. Membership is restricted to any person representing Shia Imami Ismaili Muslim or belonging to the Momin Community from India's Gujarat Sidhpur district.
Read: How to Be the MVP of Your Time and Money
Utah
Transwest Credit Union
Green Savings
Rate: 0.50% APY
Save money and the environment with Transwest Credit Union’s Green Savings account. Green Savings is a paperless account that gives account holders higher rates for being ecologically conscious. Customers just have to enroll in eStatements to qualify for a Green Savings account. You can earn as much as 0.50% APY.
Other perks of this account include discounts on hybrid/fuel efficient vehicles, a free gift of a TransWest shopping bag, and an optional membership discount to the non-profit organization TreeUtah.
Vermont
Heritage Family Credit Union
Primary Share Account
Rate: 0.40% APY
Heritage Family Credit Union members are all required to open a Savings Account, also called a Primary Share Account. Opening this account is part of the membership enrollment process and gives customers access to other credit union services. The minimum deposit for this savings account is $25.
To become a member of Heritage Family Credit Union, you must live, work, worship, go to school, or do business in a qualifying area of Vermont or New Hampshire.
Virginia
Clear Sky Accounts
Clear Sky Savings
Rate: 0.90% APY
Clear Sky Savings is an online savings account offered through Virginia’s Clear Sky Accounts. The FDIC-insured savings account charges no monthly fees. You can apply for a Clear Sky Savings account quickly and easily, online. Account applicants must have a Social Security number, state-issued driver's license or ID card, passport or military ID, address information and a valid email account.
Customers will have access to online banking, mobile banking, e-statements and a touch-tone teller. The monthly compound interest of 0.90% APY is paid on balances under $250,000.
Washington
O Bee Credit Union
High-Interest Savings Account
Rate: 7.52% APY
Washington’s O Bee Credit Union offers an impressive 7.52% APY interest rate for account holders. This rate only applies to the first $500 in your savings account, however; anything over $500 will earn interest at a rate of 0.07% APY. Account holders must also meet a couple requirements to get this interest rate: They must sign up for E-Statements and secondly, customers must use their Visa debit card for at least three purchases monthly, or make $100 or more in direct deposits each month.
West Virginia
SFGI Direct Community Bank
SFGI Direct Savings Account
Rate: 1.06% APY
The SFGI Direct Savings Account makes it easy for customers to save money — you can even open an account online. The account doesn't charge a monthly service fee and the minimum balance requirement is just $1. Plus, customers can easily add funds to their savings account with a transfer from another bank.
Online banking also makes it convenient to manage a SFGI Direct Savings Account. To open an account online, applicants must have a U.S. Social Security number; a valid form of ID, their previous home address and a U.S. checking or savings account to fund the new account.
Wisconsin
Incredible Bank
Savings Account
Rate: 1.11% APY
Incredible Bank’s savings account comes with a 1.11% APY for accounts with less than $250,000; those with higher balances will receive interest at a rate of 0.05% APY. To avoid the $15 monthly service fee, account holders must maintain a daily balance of at least $2,500. If the balance falls below $2,500 anytime during the month, the fee will be assessed.
Incredible Bank customers receive perks like free deposits via the mobile app, direct deposit and bank-to-bank transfers.
Wyoming
Trona Valley Federal Credit Union
High Yield Savings
Rate: 1.00% APY
Wyoming’s Trona Valley Federal Credit Union offers the High Yield Savings account for customers who have a High Yield Checking or Cash Back Checking account. Customers must also qualify for rewards from each account during the monthly qualification cycle to get the 1% APY interest rate.
These requirements include that each month a minimum of 10 debit card purchases be posted and settled, and at least one monthly direct deposit, automatic debit, or bill payment be posted and settled. Customers must also enroll in Trona Valley Federal Credit Union’s free paperless eStatements each month.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article.
This article originally appeared on GOBankingRates.com: Best Savings Account Rate in Every State