Mapped: Best and Worst U.S. States for Saving Money in 2025

Mapped: Best and Worst U.S. States for Saving Money in 2025

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Nearly four straight years of rising inflation followed by worries of a looming recession has Americans scrambling to save to get them through tough times.

But where is saving money easiest and hardest in the U.S.?

To answer that, personal finance advisers Bankrate analyzed and ranked all 50 states on three main indicators. They are: bank deposit interest rates, state and local taxes, and the performance of the economy.

The local economy indicator includes metrics like employment growth rates, household debt-to-income ratios, and inflation-adjusted changes in household income.

Ranking States by the Ability to Save Money

Bankrate’s analysis ranks Tennessee as the easiest state to save in, helped by its low cost of living and lack of income tax.

Overall Rank	State	Local Economy Rank (50% Weight)	State & Local Taxes (25% Weight)	CD & MMA Interest Rates Rank (25% Weight)
1	Tennessee	10	3	14
2	Missouri	8	13	6
3	Texas	2	5	28
4	Oklahoma	12	10	13
5	Florida	21	11	5
6	Kentucky	5	16	16
7	South Dakota	1	4	41
8	Louisiana	37	11	2
9	Indiana	9	13	24
10	Michigan	28	5	15
11	Alabama	6	20	25
12	Mississippi	24	20	8
13	Nebraska	4	37	9
14	Georgia	14	8	31
15	West Virginia	19	20	17
16	North Dakota	7	7	39
17	Illinois	20	44	1
18	Pennsylvania	23	28	10
19	Ohio	18	24	30
20	Nevada	29	16	26
21	North Carolina	13	23	33
22	Kansas	15	33	23
23	Iowa	17	33	27
24	Arkansas	3	25	46
25	Wisconsin	27	32	18
26	Wyoming	42	2	34
27	Utah	25	39	12
28	South Carolina	31	8	40
29	Arizona	34	15	35
30	New Mexico	26	25	43
31	Colorado	38	19	32
32	Rhode Island	45	36	4
33	New Hampshire	35	16	38
34	Montana	16	27	47
35	Alaska	46	1	49
36	Minnesota	33	39	22
37	Idaho	30	29	36
38	Maine	36	41	19
39	Virginia	41	43	11
40	Oregon	32	31	42
41	New York	11	50	21
42	Washington	40	29	44
43	Massachusetts	47	37	20
44	Maryland	48	35	7
45	Delaware	39	41	45
46	New Jersey	44	45	29
47	California	49	46	3
48	Vermont	22	47	48
49	Connecticut	43	49	37
50	Hawaii	50	48	50

In fact the top five states all share the same characteristics: lower living costs, below-average tax burdens, and stable employment growth.

On the other hand, Hawaii ranks last due to high living costs and declining employment growth.

A glance at the states at the top and bottom of the ranking reveal geographic patterns: it’s easier to save in the South than on the coasts.

However ranked assessments can hide other patterns in state economies. For example, Southern states also have lower than average incomes, higher average debt, and a greater share of their populations below the poverty threshold.

Learn More on the Voronoi App

Saving is tough, especially when money management isn’t something that’s taught early on. Check out: Financial Literacy Levels in All 50 States to see which Americans have a head start.