Report: R.I. 15th best state for your money in 2017

GOBANKINGRATES said Rhode Island is the 15th best state for your money in 2017. Alabama ranked first on the list, while North Dakota ranked last. / COURTESY GOBANKINGRATES
GOBANKINGRATES said Rhode Island is the 15th best state for your money in 2017. Alabama ranked first on the list, while North Dakota ranked last. / COURTESY GOBANKINGRATES

PROVIDENCE – Rhode Island is the 15th best state for your money in 2017, according to GOBankingRates.
It ranked second-highest in New England. Vermont ranked third best overall on the list.
GOBankingRates, a finance website, released its list of the best and worst states for your money on Monday. It examined every state for its median checking account rate, savings account rate and one-year CD rate, as well as the highest rate for each account type.
Based on those factors, Alabama ranked No. 1 for having the highest median savings account median interest rate at 0.25 percent. The median CD interest rate at 0.50 percent also is one of the best, while its median checking rate at 0.35 percent is the third-highest in the U.S.
The Ocean State, GOBankingRates said, ranks high “due largely to strong median banking rates.” The state’s 0.25 percent median checking account rate is among the top-five highest, and its 0.135 percent median savings rate also is among the nation’s best, it said.
“But although bank rates are relatively high, so is the cost of living. In fact, Rhode Island ranks in the top 10 states (not including Washington, D.C.) with the highest cost of living,” it said.
North Dakota ranked last for having some of the worst bank account interest rates, GOBankingRates said, adding it has the second-lowest median savings account rate of 0.06 percent and its median checking account rate is tied for the worst with several other states.
The rest of the New England states ranked as follows: New Hampshire, 21st best; Massachusetts, 24th best; Maine, 36th; and Connecticut, 44th.

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