The Average Savings Account Balance In The U.S.

The typical American household holds $8,000 in transaction accounts, according to the Federal Reserve’s Survey of Consumer Finances (SCF). However, this median figure tells only part of the story — many Americans struggle with emergency expenses, with only 46% of U.S. adults have enough emergency savings to cover three months of expenses, according to Bankrate’s 2025 Emergency Savings Report.

Consider stashing your savings away in a high-yield savings account or a certificate of deposit (CD) to boost your savings. Take advantage of the high rates currently offered on these accounts (up to 4 percent APY on some savings accounts), which can also help you prepare for economic uncertainty.

How much does the average household have in savings?

While the median bank account balance is $8,000, according to the latest SCF data, the average — or mean — balance is actually much higher, at $62,410. The median balance may give a clearer picture of how much most U.S. households have saved, since the average figure can be skewed significantly by a small number of outliers with high account balances.

The SCF also breaks down average account balances by household type. Couples with no children have the highest median balance, while single parents have the lowest. Again, the average balance is skewed by outliers, so the median balance may be more representative of how much households have saved.

Key saving statistics for 2025

Sources: Bankrate, Federal Reserve

Calculate your savings potential with Bankrate’s savings calculator.

Average savings by age

Households with older individuals tend to have higher account balances — up to about twice as high — than younger households, though that gap was higher in previous years. There were two exceptions: Households with individuals ages 45 to 54 had higher median balances than those with members ages 55 to 64, and households with individuals ages 65 to 74 had mean balances higher than those over age 74.

Because older consumers have had more time to build and invest their wealth, it’s only natural that they would have higher median account balances than younger generations. Some other factors that could impact the disparity in savings between younger and older consumers are that older consumers may have advanced more in their careers and may have more inherited wealth while younger consumers are more burdened by student loan debt.

Savings by age statistics

Average savings by education level

Education level is one of the factors that correlates with bank account balance, based on the SCF data, which indicate that the median and mean balances fluctuate along with how much education an individual has attained. The largest median balance jump is from those with some college ($5,200) to those with a bachelor’s degree ($23,700).

Average savings by income

Similar to age and education level, income amount correlates overall with how much an individual has in savings. Income has the most consequential effect on bank account balance by far – with the median balance for the highest income bracket being more than 120 times than that of the lowest income bracket.

The most significant jump in median account balances is from the 80th to 89th percentile income range to the 90th and above percentile income range. It’s also worth noting that the median account balance for those with annual income in the top percentile range is at least $77,800more than those in the income tiers below.

The median account balance for most income groups has progressively increased since the 2013 SCF study. One exception is the median balance for the lowest income range, which has decreased by $40 since the previous report. The study is conducted every three years, with the most recently published data from 2022.

See how your cash measures up with Bankrate’s budget calculator. 

Average savings by race and ethnicity

As far as race, those classified as non-Hispanic whites had significantly higher median and mean account balances than those in the Hispanic and Black categories — reflecting a racial wealth gap, as white families hold more than five times the wealth of the typical Black or Hispanic family.

How much should you have in a savings account?

Many advisors recommend workers stash away 20 percent of income spread across accounts like CDs, money market accounts, savings accounts and other places where money can be protected and grow. Here are seven low-risk places to grow your money.

The best way to determine your monthly expenses is to create a budget that lists how much money is coming in every month and subtracts that from expense categories like housing, transportation, groceries, entertainment and credit card bills.

Based on the recent Consumer Expenditure Survey data showing average monthly expenses of $6,080, most Americans should target $18,240-$36,480 in emergency savings.

Tips to increase your savings

Saving money isn’t always feasible, but there are ways you can start to save today. Here are some tips to increase your savings:

• Analyze your spending. Tracking your spending every day takes time, but it allows you to actually know where your hard-earned money is going. You might realize that a purchase here and there is adding up, and you may want to cut back in certain areas. Also, it’s a good opportunity to evaluate recurring charges, such as monthly subscriptions, to see if you can reduce or eliminate them.
• Create and stick to a budget. A budget is a great way to allocate each dollar you earn to a specific need or want, such as housing costs, monthly bills, groceries, entertainment and, yes, savings.
• Find creative ways to save money. As you’re analyzing your spending and making your budget, take this opportunity to think about ways you can save money. Whether it’s utility costs, gas and transportation, cell phone and internet, entertainment and groceries, there are ways to save on everyday expenses.
• Increase your income. When the topic of increasing savings comes up, many are quick to focus on reducing expenses. But you can only cut so much. A pivotal way to get a boost in what you’re able to save is to increase your monthly income. You can do this by trying to get a higher paying role or asking for a pay raise, if applicable. You can also take on a part-time job or a side gig. Another temporary way to increase income is to sell your unwanted belongings.
• Open a high-yield savings account. A high-yield savings account is simply a savings account that offers higher annual percentage yield (APY) than a traditional account. In addition to finding a high APY, find a savings account that is offered by a high-rated bank or credit union that offers FDIC insurance and no monthly fees.
• Automate your savings. Often, your employer will allow you to split your paycheck into multiple accounts. If that is the case, consider allocating part of your paycheck directly to savings. Many bank accounts will also allow you to schedule automatic transfers from your checking account to a savings account on a particular date or once a deposit of a certain amount is made.
• Save any unexpected money. Surprise lump sums of money aren’t as frequent as we’d hope, but there are still times you may receive money you weren’t accounting for. This could be a tax refund, bonus at work or gift from a family member.

Bottom line

While establishing an emergency fund should be a top priority, it’s also important to consider retirement and other savings goals you may have. Over time and as you advance in a career, you may want to increase your contributions to retirement savings, so you can have eight times your salary saved by age 60 — the amount recommended by Fidelity.

To get the most out of your savings, it pays to shop for one of Bankrate’s best high-yield savings accounts. Meanwhile, Bankrate’s savings calculators can help you determine how much to contribute to your savings for a variety of goals.