How much does the average American have in bank account?
In its 2022 Survey of Consumer Finances, the Federal Reserve estimated that the average transaction account balance was $62,410, which included savings and checking accounts, money market accounts, call deposit accounts and prepaid debit cards. However, the median balance was much lower at $8,000.
The median transaction account balance is $8,000, according to the Federal Reserve's Survey of Consumer Finances (SCF), with the most recently published data from 2022. Transaction accounts include savings, checking, money market and call accounts, as well as prepaid debit cards.
| Income percentage | Account balance |
|---|---|
| 60-79.9% | $7,924 |
| 80-89.9% | $13,434 |
| 90-100% | $43,631 |
| National average | $8,814 |
About 29% of respondents have between $501 and $5,000 in their savings accounts, while the remaining 21% of Americans have $5,001 or more.
| How Much Do Americans Have in Their Savings Accounts? | ||
|---|---|---|
| $501-$1,000 | 11.30% | 12.58% |
| $1,001-$2,000 | 10.60% | 9.81% |
| $2,001-$5,000 | 10.60% | 10.64% |
| $5,001-$10,000 | 9.20% | 9.51% |
9% of Americans have between $100,000 and $200,000 saved, and 4% have between $200,000 and $350,000 saved.
For the majority, it's $5,000 or less
Of those who have money in savings, the largest percentage (22%) report having $5,000 or less.
Personal Savings in the U.S.
18 percent said their saving were at least $1000 but under $10,000, while 11 percent each had $10,000 to $49,999 and $50,000 or more saved up.
| Savings account balance | Percentage of respondents |
|---|---|
| $500 to $1,000 | 8% |
| $1,001 to $5,000 | 22% |
| $5,001 to $10,000 | 8% |
| $10,000 to $20,000 | 7% |
| Average savings amount | Share of Americans |
|---|---|
| $1,000-$5,000 | 16% |
| $5,000-$10,000 | 9% |
| $10,000-$25,000 | 8% |
| $25,000-$50,000 | 5% |
How many Americans have $20,000 in the bank?
Other answers revealed that 15 percent had between $1,000 to $5,000, 10 percent with savings of $5,000 to $10,000, 13 percent boasted $10,000 to $20,000 of cash in their bank accounts while 20 percent had more than $20,000.
When your savings reaches $100,000, that's a milestone worth marking. In a world where 57% of Americans can't cover an unexpected $1,000 expense, having a six-figure savings account is commendable.
| Household income percentile | Approximate household income range | Median checking account balance in 2022 |
|---|---|---|
| 0% to 20% | $20,540 | $300 |
| 20% to 39.9% | $43,240 | $1,150 |
| 40% to 59.9% | $70,260 | $3,000 |
| 60% to 79.9% | $115,660 | $4,800 |
How Many Americans Are Living Paycheck to Paycheck? A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses.
Are you curious how your savings stack up to other Americans? According to the Federal Reserve's most recent Survey of Consumer Finances, the median savings account balance for all families was $8,000 in 2022. Savings account balances can vary greatly depending on income, age, education and race.
While the Federal Reserve doesn't provide specific data for individuals in their twenties, those under 35 have a median of $3,240 and an average of $11,250 saved in transaction accounts.
The short answer is yes, $500,000 is enough for many retirees. The question is how that will work out for you. With an income source like Social Security, modes spending, and a bit of good luck, this is feasible. And when two people in your household get Social Security or pension income, it's even easier.
Social Security offers a monthly benefit check to many kinds of recipients. As of December 2023, the average check is $1,767.03, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.
Retiring with $200k is possible, if not ideal. If you're closer to retirement age and hoping to leave the working world sooner rather than later, budget carefully and set realistic expectations. Only you can decide what's within your power and right for your situation.
| Age range | Average balance | Median balance |
|---|---|---|
| 35-44 | $76,354 | $28,318 |
| 45-54 | $142,069 | $48,301 |
| 55-64 | $207,874 | $71,168 |
| 65+ | $232,710 | $70,620 |
How much is too much cash in savings?
FDIC and NCUA insurance limits
This insurance protects your money if the financial institution you bank with goes out of business or otherwise can't afford to let you withdraw your money. So, regardless of any other factors, you generally shouldn't keep more than $250,000 in any insured deposit account.
Nearly one in three (30 percent) people in 2023 had some emergency savings, but not enough to cover three months of expenses. This is up from 27 percent of people in 2022. Note: Not all percentages total 100 due to rounding. Also, nearly one in four (22 percent) U.S. adults said they have no emergency savings.
But despite the larger pressures, they're not satisfied with their situation; 57% of respondents said the current state of their savings is stressing them out. Nearly one in four (22%) of U.S. adults have no emergency savings at all, Bankrate found—the second-lowest percentage in 13 years of polling.
Most American households have at least $1,000 in checking or savings accounts. But only about 12% have more than $100,000 in checking and savings.
The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.
