The current picture of American savings account ownership

Roughly 94 to 96 percent of American adults have a savings account, according to the most recent Federal Deposit Insurance Corporation (FDIC) survey data. That figure comes from the FDIC's biennial National Survey of Unbanked and Underbanked Households, which tracks banking behavior across the country. The remaining 4 to 6 percent of adults either use alternative financial services—like check cashers or money transfer services—or keep their money outside the formal banking system entirely.

The high ownership rate masks a real problem underneath: many people who have a savings account don't actually use it the way savings accounts are meant to work. Having an account and maintaining a balance are two different things. The survey also tracks how much money people keep in savings, and that number tells a different story than the ownership percentage alone.

Key Takeaways

  • Between 94 and 96 percent of American adults have at least one savings account, based on FDIC survey data collected every two years.
  • Account ownership has grown steadily over the past decade, driven partly by easier online banking and lower minimum balance requirements.
  • The percentage varies by age, income, and geography—younger adults and lower-income households are more likely to be unbanked or underbanked.
  • Having an account is not the same as using it; many account holders carry little to no balance month to month.

How the FDIC measures savings account ownership

The FDIC defines a household as "banked" if at least one member has a checking or savings account at a bank, credit union, or savings institution. A household is "underbanked" if someone has a bank account but also uses alternative financial services like payday loans, check cashing, or money orders. The survey interviews roughly 6,000 households every two years and has been running since 2009.

The survey captures a snapshot at one moment in time, so the exact percentage shifts slightly with each release. The most recent data showed the unbanked rate at around 5.4 percent, meaning roughly 7 million American households had no bank account at all. That rate has declined over the past decade—in 2009, it was closer to 7 percent—but the decline has slowed in recent years.

Who is less likely to have a savings account

Savings account ownership is not evenly distributed across the country. Households with annual income below $30,000 are significantly more likely to be unbanked. The FDIC data shows that roughly 13 to 14 percent of households earning under $30,000 have no bank account, compared to less than 1 percent of households earning over $75,000.

Age also matters. Adults under 25 have lower ownership rates than middle-aged adults, though this gap has narrowed as online banking and mobile apps have made accounts easier to open. Geography plays a role too: rural areas and certain regions have higher unbanked rates than urban centers, partly because of fewer physical bank branches and less competition among financial institutions.

Race and ethnicity show disparities in the FDIC data as well. Black and Hispanic households have higher unbanked rates than white and Asian households, a gap that reflects both historical barriers to banking and ongoing differences in access to branches and credit products.

Why some people don't use traditional savings accounts

The reasons people stay outside the banking system vary. Some cite distrust of banks, particularly after the 2008 financial crisis. Others point to practical barriers: no minimum balance requirement sounds good until you realize many banks still charge monthly fees if your balance drops below a certain threshold, and those fees can be $10 to $15 per month. For someone living paycheck to paycheck, that fee can make a bank account more expensive than a check casher.

Documentation requirements also matter. Opening a bank account typically requires a government-issued ID and a Social Security number. Immigrants without legal status, people experiencing homelessness, or those who have had banking problems in the past may find these requirements difficult to meet. Some banks also use ChexSystems, a checking account history database, to screen applicants—a single unpaid overdraft from years ago can still block someone from opening a new account.

The difference between having an account and maintaining a balance

The FDIC survey tracks not just account ownership but also how much money people keep in savings. The median savings balance for all households is substantially lower than you might expect. Many people open a savings account but rarely deposit money into it, or they withdraw what they save for when ready expenses before it accumulates.

This matters because the purpose of a savings account is to hold money separate from your checking account—to create a buffer against unexpected costs. If the account sits empty or nearly empty, it is not serving that function. The high ownership percentage reflects access to banking, but the low median balance reflects how difficult it is for many households to actually save.

How savings account ownership has changed over time

The unbanked rate has declined steadily since the FDIC began tracking it in 2009. That year, roughly 7 percent of households had no bank account. By 2021, that figure had dropped to around 5.4 percent. The decline reflects several shifts: online banking removed the need to live near a physical branch, mobile apps made it easier to manage accounts, and competition among banks and credit unions pushed down minimum balance requirements.

The COVID-19 pandemic accelerated the shift toward digital banking. More people opened accounts online, and more businesses stopped accepting cash, which pushed unbanked households toward the banking system out of necessity. However, the rate of decline has slowed in recent years, suggesting that the remaining unbanked population faces structural barriers that lower fees and easier technology alone cannot solve.

What the ownership rate tells you and what it doesn't

A 94 to 96 percent ownership rate sounds like nearly everyone has a savings account, and technically that is true. But the statistic does not tell you how much money people have saved, how often they use their accounts, or whether their accounts are actually helping them weather financial emergencies. It also does not account for people who have multiple accounts, accounts they no longer use, or accounts they opened but never funded.

The ownership rate is useful for understanding financial inclusion—whether people have access to the banking system at all. But it is a floor, not a ceiling. The real question for most households is not whether they have an account, but whether they can afford to keep money in one and whether that account is helping them build financial stability.

Frequently Asked Questions

What counts as a savings account in the FDIC survey?

The FDIC counts any account at a bank, credit union, or savings institution where deposits are insured by the FDIC or the National Credit Union Administration (NCUA). This includes traditional savings accounts, money market accounts, and certificates of deposit (CDs). It does not include investment accounts, brokerage accounts, or money kept outside the banking system.

Does the 94 percent figure include people who have an account but never use it?

Yes. The FDIC survey counts anyone in a household with a bank account as "banked," regardless of how often they use it or how much money they keep in it. Someone who opened an account five years ago and has not deposited money since is still counted in the ownership percentage.

Why do some people prefer check cashers or money transfer services instead of banks?

Common reasons include distrust of banks, fees that eat into small balances, difficulty meeting documentation requirements, or past banking problems that show up in ChexSystems. For people living paycheck to paycheck, a $12 monthly fee can be more expensive than a one-time check cashing fee, especially if they cannot maintain a minimum balance.

Has the unbanked rate changed since the pandemic?

The unbanked rate continued to decline during and after the pandemic, though data collection was disrupted. The most recent FDIC survey showed the rate holding steady at around 5.4 percent, suggesting the pandemic accelerated the shift to digital banking but did not dramatically change the overall picture.

What is the difference between unbanked and underbanked?

Unbanked means a household has no bank account at all. Underbanked means at least one household member has a bank account but the household also uses alternative financial services like payday loans, check cashing, or money orders. Underbanked households are more common than unbanked ones and reflect people who use banks but do not rely on them exclusively.