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Key Takeaways
- Median bank account balances in the U.S. range from $5,400 for those under 35 to $13,400 for ages 65–74, according to the latest Federal Reserve data.
- Couples—with and without kids—report higher median savings than single households.
- College-educated households have the highest bank balances.
- The data reflects median—not average—savings, offering a more accurate snapshot of what typical Americans hold in their bank accounts.
- To boost your savings faster, consider a top high-yield savings account, money market account, or CD.
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How Much Cash Americans Keep in the Bank—And Where You Stand
Ever wonder how your bank balance compares to others? Federal Reserve data reveals what savings a typical American has by age, household type, and education.
According to the Fed’s latest Survey of Consumer Finances, the amount held in bank accounts across all American households in 2022 (the most recent data available) was $8,000. This amount is in transaction accounts, which include checking, savings, money market, and brokerage cash accounts, as well as prepaid debit cards. (Certificates of deposit and retirement accounts are not part of this grouping.)
But that $8,000 figure only tells part of the story. Median balances vary widely by age, household type, and education.
Important
We use median figures instead of averages to avoid skewed results from people with very high or very low savings. The median represents the middle point—half of respondents have more savings, and half have less.
Bank Balances by Age: How Do You Compare?
The Federal Reserve looks at multiple age groups in its survey:
- Under 35
- 35-44
- 45-54
- 55-64
- 65-74
- 75 or older
In the most recent survey (2022), more than 98% of Americans across every age group reported having money in bank accounts. But median balances varied sharply by age. For instance, those under 35 had a median of $5,400, while Americans 75 and older held a median of $10,000.
Bank Balances by Household Type: Where Do You Fall?
In its survey, the Fed uses five breakdowns for family structure:
- Single With Child(ren)
- Single, No Child, Age <55
- Single, No Child, Age >=55
- Couple With Child(ren)
- Couple, No Child
Bank account median values varied widely between singles and couples. In 2022, single adults over 55 with no children had the highest median balance among individuals ($4,300). For couples, those without children held the highest median ($16,000).
Bank Balances by Education Level: How Do You Stack Up?
The Fed survey includes four options for education level:
- No High School Diploma
- High School Diploma
- Some College
- College Degree
Survey results suggest a strong link between educational level and median bank balances, much more than age or family structure. High school graduates reported median savings more than three times higher than those without a diploma. College graduates had over four times the median balance of those with some college education but no degree.
Want a Bigger Bank Balance? Open a High-Yield Account
However much cash you have in the bank, it’s smart to make sure it’s earning more for you. Putting some money into a high-yield savings account, money market account, or certificate of deposit (CD) can help boost your savings balances.
A high-yield savings account is among the easiest places to deposit your money, giving you access to your cash anytime you need it. Because the annual percentage yield (APY) from different banks varies widely, look for one that works for you. Our list of the best high-yield savings accounts includes 12 options that pay at least 4.40% APY, with the best rate being 5.00% APY. Just be aware that rates on savings accounts are variable, meaning the bank can change your APY at any time without warning.
Money market accounts are similar to savings accounts and offer check-writing abilities. If that’s an important feature for you, you can check out the best money market accounts—and several currently offer APYs of 4.25% or better, with a top rate of 4.80% APY. But as with savings accounts, money market APYs can change.
If you don’t need to access your money immediately, a certificate of deposit (CD) is a safe option with a big perk: a fixed rate that you can lock in for months or years. Your bank or credit union will guarantee a set APY for terms generally ranging from 3 months to 5 years in exchange for you keeping your money in the CD. You’re able to determine now how much money you’ll earn when the CD matures, and some of the best CD rates—now up to 4.60% APY—are good into 2026 or beyond, regardless of what happens to interest rates in the short term. Just be sure to pick your term carefully, as you’ll be hit with an early withdrawal penalty if you cash out before the maturity date.
Daily Rankings of the Best CDs and Savings Accounts
We update these rankings every business day to give you the best deposit rates available:
Important
Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.
How We Find the Best Savings and CD Rates
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.
Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
