NEW YORK - Need to find an affordable financial institution -- one that pays a decent rate of interest on your deposits, while not charging too much in fees? Your chances are much greater in Arkansas and Oklahoma than Arizona, according to a study by GoBankingRates.com.

In Oklahoma, which ranks 3rd among the 10 best states for affordable banking, the average checking account pays 0.38 percent and has a minimum balance requirement of $2,275 to avoid all monthly checking account fees.

Arizona residents, on the other hand, earn an average of just 0.1 percent on their checking deposits, and must keep much more money in their accounts to avoid monthly maintenance fees, according to the survey.

When coming up with rankings of most and least affordable states for banking, GoBankingRates looked at the rates consumers could earn on both savings and checking accounts, minimum balances required to waive monthly account fees, the level of those charges, as well as the fees charged for common transactions, such as withdrawing money at an out-of-network ATM or bouncing a check.

Oklahoma banks charged the least for bounced checks, $27 on average.

Arkansas' low minimum balance requirement played a key role in their top ranking.

In Arizona, overdraft fees average $33 and consumers get dinged $3 each time they hit up another bank's ATM for cash.

Oklahoma [GoBankingRates]

  • Average Checking Account Rate (APY): 0.380%
  • Average Savings Account Rate (APY): 0.149%
  • Average Minimum Checking Account Balance Requirement: $2,275
  • Average Minimum Savings Account Balance Requirement: $884
  • Number of Financial Institutions: 33
  • Average "Non-Sufficient Funds" Returned Check Fee: $27
  • Average ATM/Debit Fee: $2
  • Average Monthly Savings Account Maintenance Fee: $4
  • Average Monthly Checking Account Maintenance Fee: $9