North Dakota is the Worst State for a Savings Account or CD
It’s important to save money for the future. But saving money in a North Dakota bank is literally the worst place to save your money.
GoBankingRates just released a study of the best and worst states for your money in 2017 and saving your money in North Dakota is not financially savvy.
North Dakota was ranked No. 1 on the list of states that are the worst for your money. The ranking is due to the very low median interest rate for savings accounts at 0.06 percent. Additionally, the median rate for a CD is just 0.03 percent.
North Dakota’s median checking account rate is also tied for the worst in the country with several other states.
For comparison sake, GoBankingRates says the best state for your money is Alabama where the median interest rate for a savings account is 0.25 percent and the median rate for a CD is 0.50 percent.
However, that does not take away from the fact that GoBankingRates recently ranked North Dakota one of the more successful states due to high incomes and low poverty rates.
Unfortunately, when it comes to saving money from those high incomes, North Dakota isn’t the best place to do that.