Recently, Ruser wrote about the need to invest in addition to saving due to the generally low interest rates of savings accounts. In 2012, money in a savings account needed an interest rate of 2% just to keep up with inflation — a number much, much higher than most of these accounts were offering.
On January 1st, 2013, GoBankingRates.com compiled the interest rates of the more than 4,000 institutions. This included, local, national, and online US banks as well as credit unions. They then calculated the average interest rate for savings accounts for each state.
Oklahoma has the highest average interest rate at 0.34% while Arizona has the lowest at 0.12%. You can see the average rate for your state on Go Banking Rates’ report.
Source: Today’s Savings Account Rates by State: Where Does Your State Stand in 2013? – GoBankingRates.com
