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

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

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Key Takeaways

  • Tennessee is the easiest state for saving money, helped by its low cost of living and lack of income tax.
  • Hawaii ranks last, due to high living costs and declining employment growth.

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.

For a full breakdown visit the source’s methodology page.
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.