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The average savings account balance in the US: Here’s how much Americans have in the bank
The median U.S. household bank balance is $8,000, while the mean is $62,410, showing a growing savings gap by race, age, and net worth, with only 55% having three months of emergency savings.
- On the Federal Reserve's 2022 survey, the median transaction account balance for American households is $8,000, covering checking, savings, money market, call accounts, and prepaid debit cards.
- Households in the top 10% of net worth have a median transaction account balance of $128,000 and average $379K, while those in the 75th to 90th percentile hold under $30K, Federal Reserve data shows.
- Because the mean exceeds the median, the average bank balance shows many households hold less, making the median more representative, Motley Fool Money analysis finds.
- The Federal Reserve found only 57% of Americans have savings for three months and just 44% can cover a $400 expense from checking or savings.
- Thirty-Four percent of Americans surveyed by Motley Fool Money have high-yield savings accounts , with top reasons for not opening them including perceived insufficient savings and lack of knowledge.
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23 Articles
23 Articles
Coverage Details
Total News Sources23
Leaning Left1Leaning Right0Center17Last UpdatedBias Distribution94% Center
Bias Distribution
- 94% of the sources are Center
94% Center
C 94%
Factuality
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