Maui News

Maui Ranks No. 1: Where Savings Accounts Work Hardest

November 28, 2018, 8:17 AM HST
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Where you live can have a big impact on how much you can save, according to a recent study from financial technology company SmartAsset.

The study measured savings account rates against household income, living expenses, and tax burdens in counties across the country to find where it pays the most to save. According to the study, Maui County ranked among the top places in Hawaiʻi.

Here’s a look at how the top counties in Hawaiʻi stacked up:

Rank County Net Median Income Effective Tax Rate Average Savings Account Rate Interest Earned Savings Rate Return Savings Return Rate Index
1 Maui, HI $29,564 16.30% 0.15% $186 0.27% 9.41
2 Honolulu, HI $35,020 16.30% 0.14% $208 0.27% 9.38
3 Kauaʻi, HI $29,719 16.30% 0.14% $177 0.26% 9.05
4 Hawaiʻi, HI $17,807 16.30% 0.14% $106 0.20% 6.86

The study aimed to find the most suitable places for people to get paid the most on their savings based on several factors including: average savings account rates, median household income, average living expenses and income tax burden.

Maui County had the highest savings return rate in the state, making it the top place in the state “where it pays the most to save.”

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