As a followup to Friday’s post about bank failure rates, I thought I’d highlight a recent MoneyRates.com analysis of the best and worst states for banking.
They rates banks based on customer satisfaction, stability (state-by-state failure rates), availability of high interest rates, and size of the banking community (more choices is better).
The top ten were:
- West Virginia
- New York
- North Dakota
And the ten worst (from very worst to 10th worst) were:
- South Carolina
- Rhode Island
- North Carolina
- New Hampshire
While I wasn’t terribly surprised to see the like of Georgia, Illinois, and Minnesota on this list (all were in the top five in failures from 2008-2011) I was blown away that Florida, California, and (to a lesser extent) Washington didn’t fall in the bottom ten.
Florida and California were 2nd and 4th for bank failures from 2008-2011 and Washington was tied for 5th with Minnesota.