Savings account interest rates at Connecticut banks rank among the lowest in the country, according to a study by personal finance website GoBankingRates.com.
The average annual percentage yield in Connecticut as of Jan. 20 was 0.054 percent, according to the analysis. Ranking lower than Connecticut were South Dakota (0.042 percent), Montana (0.037 percent) and North Dakota (0.035 percent.)
The highest average rates were found in Arkansas, at 0.204 percent.
“Savings account rates, on average, are flat-out terrible right now,” Casey Bond, GoBankingRates’ managing editor, said in a statement.
Despite the low average, higher-yield accounts can be found at some banks and credit unions, as well as online, Bond said.
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