The current picture of savings account ownership

About 94% of American adults have a bank account of some kind, but that number includes checking accounts, money market accounts, and other deposit products. The share of people who specifically maintain a savings account is lower and varies by how you measure it. Federal Reserve data shows that roughly 76% to 80% of American adults have access to a savings account, either at a bank or credit union, though "access" and "active use" are different things.

The gap between those numbers matters. Having an account opened is not the same as using it regularly or keeping money in it. Many people open savings accounts and then stop depositing into them, or use them only for temporary parking of money before moving it elsewhere. The Federal Reserve's Survey of Household Economics and Decisionmaking, conducted annually, tracks both account ownership and actual savings behavior, and the two do not always align.

Key Takeaways

  • Roughly 76% to 80% of American adults have access to a savings account at a bank or credit union, though this includes inactive accounts.
  • Savings account ownership varies significantly by age, income, and race, with younger adults and lower-income households less likely to maintain one.
  • The percentage of people who actually use their savings accounts regularly is lower than the percentage who have one opened.
  • About 21% to 27% of American adults have no bank account at all, a group called the unbanked or underbanked.

How savings account ownership breaks down by age and income

Younger adults are less likely to have a savings account than older ones. Adults aged 18 to 24 have lower savings account ownership rates than those aged 35 to 54, who tend to have the highest rates. This gap reflects both income differences and life stage—younger workers often have less disposable income to save, and older adults have had more time to accumulate savings habits.

Income is the strongest predictor of savings account ownership. Households earning more than $75,000 per year have savings account ownership rates above 85%. Households earning less than $25,000 per year drop to around 60% to 65%. The relationship is not random: people with higher incomes have more money left over after expenses, and they are more likely to have the minimum balance required by many savings accounts.

Racial and ethnic disparities in savings account ownership also exist. White and Asian American adults have higher ownership rates than Black and Hispanic American adults, though these gaps have narrowed in recent years. These differences reflect historical and ongoing inequities in income, credit access, and banking relationships rather than differences in financial behavior or need.

Why some people do not have a savings account

The reasons people lack a savings account fall into a few categories. Some have no money to save after paying for housing, food, and other essentials—this is the most common reason cited in Federal Reserve surveys. Others distrust banks, either because of past negative experiences or cultural factors. A third group straightforward has not opened one, either because they do not see the point or because they do not know how.

Minimum balance requirements and monthly fees are real barriers. A savings account that requires $500 to open or charges $5 per month if the balance drops below $300 is inaccessible to someone living paycheck to paycheck. Some banks have responded by offering no-minimum accounts, but these are not universal, and many people do not know they exist.

Access to a physical branch or reliable internet also matters. Rural areas have fewer bank branches than urban ones, and some people prefer to do banking in person. Online-only banks offer low fees and no minimums, but they require a computer or smartphone and comfort with digital banking—not universal among older adults or those with limited tech access.

The difference between having an account and using it

Account ownership numbers can be misleading because they do not tell you whether people are actually saving. The Federal Reserve's Household Pulse Survey asks people whether they could cover a $400 emergency expense without borrowing or selling something. In recent years, roughly 60% to 65% of Americans say they could. That is higher than the percentage with active savings accounts, which suggests some people are saving through other means—cash at home, investment accounts, or help from family.

Conversely, some people have savings accounts that sit dormant. They opened one years ago, made a few deposits, and then stopped. Banks sometimes close accounts that show no activity for a set period—often 12 months, though this varies by institution. The account still counts in ownership statistics, but it is not functioning as a savings tool.

Regional and state-level variation

Savings account ownership is not evenly distributed across the country. States with higher median incomes and lower poverty rates tend to have higher savings account ownership. The Northeast and parts of the West Coast have higher ownership rates than the South and parts of the Midwest, though these differences are not dramatic—usually a few percentage points.

Metropolitan areas have higher ownership rates than rural areas, partly because banks are more concentrated in cities and partly because urban residents tend to have higher incomes. Rural residents are more likely to be unbanked or underbanked, meaning they either have no account or rely on alternative financial services like check-cashing stores or payday lenders.

How the numbers have changed over time

Savings account ownership has been relatively stable over the past 10 to 15 years, hovering in the 75% to 80% range. The 2008 financial crisis did not dramatically change ownership rates, though it did change how people used their accounts—more people moved money into savings and less into investments. The shift to digital banking and the rise of online-only banks has made accounts easier to open, but it has not significantly increased the overall ownership rate.

The percentage of unbanked Americans has actually declined slightly, from around 7% to 8% in 2009 to about 5% to 6% in recent years. This improvement is partly due to policy changes—the FDIC's unbanked and underbanked survey now tracks this more carefully—and partly due to easier account opening through mobile apps and online platforms.

What these numbers mean for you

If you have a savings account, you are in the majority. If you do not, you are not alone—roughly one in five to one in four American adults lack one. The ownership statistics do not judge whether having a savings account is right for your situation. What matters is whether a savings account serves your actual financial needs: a place to keep money separate from spending, earn interest on it, and access it when you need it without penalty.

The barriers to savings account ownership are real and often structural. If you have been unable to open one because of minimum balance requirements, fees, or lack of access, those barriers exist for millions of other people too. Some banks and credit unions now offer accounts specifically designed for people with low or irregular income, with no minimums and no monthly fees. Whether you have a savings account or not, the goal is the same: building financial stability with the tools available to you.

Frequently Asked Questions

What counts as a savings account in these statistics?

Federal Reserve surveys typically count any account at a bank or credit union designated as a savings account, money market account, or similar product designed for saving rather than spending. Checking accounts are counted separately. Some surveys also include savings accounts at online-only banks, while others focus only on traditional banks and credit unions.

Why do savings account ownership rates vary so much between surveys?

Different surveys ask the question differently and survey different populations. The Federal Reserve's Survey of Household Economics and Decisionmaking asks about savings accounts specifically. The American Community Survey asks about bank accounts more broadly. The timing of the survey, the sample size, and whether it includes people without phones or internet all affect the results.

Is it better to have a savings account or keep money in cash at home?

A savings account offers FDIC insurance protection up to $250,000, meaning your money is protected if the bank fails. Cash at home has no protection against theft, fire, or loss. Savings accounts also earn interest, though the rate varies. The trade-off is that a savings account requires trust in the banking system and access to a bank or online platform.

Do savings account ownership rates include people who have not used their account in years?

Yes. Most ownership statistics count any account that exists, whether it is active or dormant. This is why the percentage of people with accounts is higher than the percentage who are actively saving. Some banks close accounts after 12 months of no activity, which would remove them from the count, but this is not universal.

What is the difference between being unbanked and underbanked?

Unbanked means having no bank account at all. Underbanked means having a bank account but also regularly using alternative financial services like check-cashing stores, payday lenders, or money transfer services. An underbanked person might have a savings account but not trust it enough to keep all their money there, or might not have enough income to maintain the minimum balance.