MoneyRates has compiled its annual list of he best and worst states of banking.
Missouri ranked the highest, while Nevada was the worst. Mississippi ranked 12th.
The following criteria was used to determine the list:
- Breadth of choice. These scores were based on the number of active banking institutions based in each state, according to the FDIC.
- Stability. This was determined by the percentage of each state’s banks that failed in 2013
- Quality of service. This ranking was based on the average “Power Circle Ratings” of banks available in each state, according to the 2014 J.D. Power U.S. Retail Banking Satisfaction Study.
- Competitive rates. Every quarter, MoneyRates.com conducts the America’s Best Rates survey to find the best savings account rates and money market rates in the country, and states were ranked according to the availability of top 10 banks from this survey.
Click HERE for the complete list.