The current picture: roughly 6 in 10 American adults
About 60 percent of American adults have a savings account, according to the most recent Federal Deposit Insurance Corporation (FDIC) survey data. That means roughly 40 percent do not — a significant share of the population that relies on other ways to store money or no formal savings mechanism at all.
The number has stayed relatively stable over the past decade, though it has shifted slightly depending on economic conditions and how the FDIC defines "savings account" in each survey. The FDIC counts any account at a bank or credit union where money sits separately from a checking account, including money market accounts and certain other deposit products.
What matters more than the headline number is who has an account and who does not. Savings account ownership is not evenly distributed across income levels, age groups, or racial and ethnic backgrounds.
Key Takeaways
- Roughly 60 percent of American adults maintain a savings account at a bank or credit union, leaving 40 percent without one.
- Lower-income households are significantly less likely to have a savings account than higher-income households, with the gap widening as income drops.
- Younger adults and older adults have different savings patterns, with middle-aged adults most likely to hold savings accounts.
- The FDIC surveys this data periodically, and the percentage has remained relatively consistent since the 2010s despite economic shifts.
How income level shapes who has a savings account
The strongest predictor of whether someone has a savings account is household income. Among households earning more than $75,000 per year, savings account ownership is above 80 percent. Drop to households earning $25,000 to $50,000, and the rate falls to around 60 percent. Below $25,000, it falls further to roughly 40 percent or lower.
This gap exists for practical reasons. Opening a savings account requires an initial deposit, and many accounts have minimum balance requirements — sometimes $100, sometimes $500 or more. For someone living paycheck to paycheck, that barrier is real. Banks also charge monthly fees if balances fall below a threshold, which makes the account more expensive to maintain than it is worth for someone with little to save.
Credit unions often have lower minimums and fewer fees than traditional banks, but they require membership, which itself can depend on employment, location, or family ties. Not everyone has access to a credit union that fits their situation.
Age and savings account ownership
Savings account ownership peaks in middle age — people in their 40s and 50s are most likely to have one. Adults under 30 have lower rates of savings account ownership than the overall average, though the gap has narrowed in recent years as more young adults open accounts online.
Older adults (65 and up) also have slightly lower rates than middle-aged adults, though this is partly because some have moved money into other products like certificates of deposit or investment accounts. The pattern suggests that savings accounts are most common among people who have had time to build financial habits and income stability.
Racial and ethnic differences in savings account access
Savings account ownership varies by race and ethnicity. White and Asian American adults have higher rates of savings account ownership than Black and Hispanic American adults, according to FDIC data. These differences reflect broader patterns in income, wealth, and access to banking services — not differences in financial behavior or preference.
Neighborhoods with higher concentrations of Black and Hispanic residents often have fewer bank branches and more payday lenders and check-cashing services. When the nearest bank is far away or charges high fees, opening a savings account becomes less practical. These structural barriers compound over time.
What people use instead of savings accounts
The 40 percent of Americans without a savings account are not necessarily without any way to store money. Some keep cash at home. Others use prepaid cards, which can function like savings if the card allows transfers and has low fees. Some use money transfer services or digital payment apps that offer savings features.
A smaller share use informal savings methods — lending circles, rotating savings groups, or straightforward keeping money with a trusted family member. These methods have been used for generations and still serve people who distrust banks or lack the documentation banks require.
The FDIC also tracks "unbanked" and "underbanked" populations separately. Unbanked means no bank or credit union account at all. Underbanked means having a checking or savings account but also using alternative financial services like payday loans or check cashing. About 5 to 6 percent of American households are unbanked, and another 18 to 20 percent are underbanked.
Why the savings account rate matters
The percentage of Americans with a savings account is a proxy for financial stability. People with savings accounts are more likely to have an emergency fund, to weather unexpected expenses without borrowing at high rates, and to build wealth over time. The account itself is not the cause — it is the visible sign that someone has enough income and access to banking that saving is possible.
When savings account ownership is low in a particular group or region, it often signals barriers to banking access, not lack of desire to save. Removing those barriers — lower minimums, fewer fees, more branches or online options — tends to increase account ownership and the financial security that comes with it.
How the FDIC measures this
The FDIC conducts a survey called the National Survey of Unbanked and Underbanked Households roughly every two years. It contacts thousands of households and asks about their banking habits, the accounts they hold, and the financial services they use. The survey is one of the most reliable sources for this data in the United States.
The survey defines a savings account as a deposit account separate from a checking account, held at a bank or credit union. It does not count investment accounts, retirement accounts, or money held in other forms. The definition has remained consistent over time, which makes it possible to track trends.
The most recent full survey results are typically released within a year of the survey date, though the FDIC sometimes publishes preliminary findings sooner. You can find the full reports on the FDIC website under their research and analysis section.
Frequently Asked Questions
Is 60 percent a high or low rate of savings account ownership?
It is moderate. Most developed countries have higher rates — Canada and the United Kingdom are above 80 percent. The United States rate reflects both the large unbanked population and the fact that some Americans deliberately choose not to use banks. The rate has been stable for over a decade, suggesting it reflects structural barriers rather than a recent trend.
Do online banks change the savings account ownership numbers?
Online banks have made it easier for some people to open accounts, since there is no branch to visit and minimums are often lower. However, they require an internet connection and a way to fund the account initially, which is still a barrier for some. The FDIC counts online savings accounts in their survey, so the growth of online banking is reflected in the overall numbers.
Why do some people choose not to have a savings account?
Reasons vary. Some distrust banks or have had negative experiences. Others have no money to save after expenses. Some use alternative financial services that feel more accessible or culturally familiar. A small share deliberately keep cash or use non-bank methods for privacy or other reasons. The FDIC survey asks about reasons, and the answers are mixed across the unbanked population.
Has the savings account ownership rate changed since the pandemic?
The most recent full FDIC survey data available covers the period before and during the early pandemic. That survey showed some increase in account ownership, partly because stimulus payments and expanded unemployment pushed more people to open accounts. Longer-term trends are still being measured, and the FDIC releases updated surveys periodically.