The current picture of American savings account ownership

About 94% of American adults have a bank account of some kind, but the breakdown between checking and savings accounts is less clear-cut than it sounds. The Federal Reserve's Survey of Household Economics and Decisionmaking (SHED) tracks this regularly, and the most recent data shows that roughly 76% of American adults have a savings account specifically — though this varies significantly by age, income, and region.

The remaining 24% either use checking accounts only, keep money outside the banking system entirely, or are unbanked (meaning they have no bank account at all). That unbanked population — people with no bank account whatsoever — sits at around 5.4% of American adults, according to the Federal Deposit Insurance Corporation (FDIC). The reasons vary: some people distrust banks, others face barriers like minimum balance requirements or documentation issues, and some straightforward prefer cash.

Key Takeaways

  • Approximately 76% of American adults hold a savings account, though this number shifts based on income level, age, and geographic location.
  • About 5.4% of American adults are completely unbanked and have no bank account of any kind.
  • Savings account ownership is lowest among people under 25, people earning less than $25,000 annually, and residents of rural areas.
  • The gap between those with savings accounts and those without has remained relatively stable over the past decade, despite economic changes.

Who is most likely to have a savings account

Savings account ownership correlates strongly with income. Among households earning $75,000 or more annually, savings account ownership exceeds 90%. Among those earning less than $25,000 per year, the rate drops to around 60%. This gap reflects both the ability to save and the likelihood that lower-income households prioritize when ready expenses over building reserves.

Age also matters. Adults aged 35 to 54 have the highest savings account ownership rates, typically above 80%. Young adults aged 18 to 24 have lower rates — around 70% — partly because they are still establishing financial habits and partly because they may not yet have accumulated enough to save. Adults over 65 have high ownership rates as well, usually above 85%, reflecting decades of banking relationships.

Geography plays a smaller but measurable role. Urban and suburban residents have slightly higher savings account ownership than rural residents, though the difference is only a few percentage points. This reflects both access to physical branches and the prevalence of online banking options, which have narrowed the gap considerably over the past decade.

Why some Americans don't have savings accounts

The reasons people avoid savings accounts fall into a few categories. Some face practical barriers: minimum balance requirements that feel out of reach, monthly fees that eat into small deposits, or difficulty meeting documentation requirements like a Social Security number or proof of address. Others have had negative experiences with banks — overdraft fees, account closures, or past debt — and have chosen to stay out of the system.

A smaller group straightforward prefers cash or alternative financial products. Some people use prepaid cards or money transfer services instead of traditional bank accounts. Others keep savings at home or with family members. And some people, particularly those with irregular income or unstable housing, find that a traditional savings account does not fit their financial reality.

Trust is also a factor. Some communities have experienced predatory banking practices or have cultural or religious reasons to avoid interest-bearing accounts. These barriers are not evenly distributed — they are more common in lower-income communities and communities of color, which contributes to the income and demographic gaps in savings account ownership.

How savings account ownership has changed over time

The overall rate of savings account ownership has been relatively stable for the past 10 to 15 years, hovering between 75% and 77%. What has changed is how people access savings accounts. The rise of online-only banks and mobile banking has made it easier for people without access to physical branches to open and maintain accounts. Minimum balance requirements have also become more flexible at many institutions, though they remain a barrier at traditional brick-and-mortar banks.

The 2008 financial crisis and the 2020 pandemic both prompted temporary increases in savings account openings, as people sought safe places to hold cash. However, these increases were not sustained — the rate returned to its baseline once the when ready crisis passed. This suggests that savings account ownership is driven more by long-term financial stability and income than by short-term economic shocks.

What the data means for your own situation

If you have a savings account, you are part of the majority. If you do not, you are not alone — roughly one in four American adults are in the same position. The fact that you are reading this suggests you may be considering opening one or understanding why others do not.

The decision to open a savings account depends on your specific circumstances: whether you have income to save, whether you trust the banking system, whether the fees and requirements of available accounts make sense for you, and whether a savings account actually serves your financial goals. For some people, a savings account is essential. For others, it may not be the right tool right now.

Frequently Asked Questions

What counts as a savings account in these statistics?

The Federal Reserve and FDIC define a savings account as a deposit account that earns interest and has limits on how often you can withdraw money. This includes traditional savings accounts at banks, credit unions, and online banks. Money market accounts sometimes count depending on the survey, but checking accounts do not.

Do these numbers include children and teenagers?

No. These statistics cover adults aged 18 and older. Children and teenagers may have savings accounts opened by parents or guardians, but they are not counted in the adult ownership rates. The Federal Reserve's SHED survey focuses on household decision-makers, which is why the data starts at age 18.

Has the pandemic changed how many Americans have savings accounts?

The pandemic caused a temporary spike in savings account openings and balances in 2020 and 2021, but the overall ownership rate did not increase significantly. By 2023, the rate had returned to pre-pandemic levels. What did change was the amount of money people held in savings, which rose and then fell again as people spent down pandemic-era savings.

Are online banks included in these statistics?

Yes. Online-only banks and credit unions are counted the same way as traditional banks in Federal Reserve and FDIC surveys. The growth of online banking has made it easier for people to open savings accounts without visiting a physical branch, which has helped keep ownership rates stable even as branch networks have shrunk.

What is the difference between being unbanked and underbanked?

Unbanked means you have no bank account at all. Underbanked means you have a bank account but also use alternative financial services like check-cashing, payday loans, or money transfers because the bank account alone does not meet all your financial needs. The underbanked population is larger than the unbanked population — roughly 20% of American households are underbanked.