The Average Savings Account Balance In The U.S.

The typical American household holds $8,000 in transaction accounts, according to the Federal Reserve’s Survey of Consumer Finances (SCF). However, this median figure tells only part of the story — many Americans struggle with emergency expenses. Only 46% of U.S. adults have enough emergency savings to cover three months of expenses, according to Bankrate’s Emergency Savings Report.

Consider stashing your savings away in a high-yield savings account or a certificate of deposit (CD) to boost your savings. While earning potential on those accounts have been falling as the Federal Reserve has cut rates, some of the best high-yield savings accounts are still paying between 3.5% and 4% — a rate that can keep your money ahead of inflation and help you prepare for economic uncertainty.

How much does the average household have in savings?

While the median bank account balance is $8,000, according to the latest SCF data, the average — or mean — balance is actually much higher, at $62,410. The median balance may give a clearer picture of how much most U.S. households have saved, since the average figure can be skewed significantly by a small number of outliers with high account balances.

The SCF also breaks down average account balances by household type. Couples with no children have the highest median balance, while single parents have the lowest. Again, the average balance is skewed by outliers, so the median balance may be more representative of how much households have saved.

Key saving statistics for 2026

Sources: Bankrate

Calculate your savings potential with Bankrate’s savings calculator.

Average savings by age

Households with older individuals tend to have higher account balances — up to about twice as high — than younger households, though that gap was higher in previous years. There were two exceptions: Households with individuals ages 45 to 54 had higher median balances than those with members ages 55 to 64, and households with individuals ages 65 to 74 had mean balances higher than those over age 74.

Because older consumers have had more time to build and invest their wealth, it’s only natural that they would have higher median account balances than younger generations. Some other factors that could impact the disparity in savings between younger and older consumers are that older consumers may have advanced more in their careers and may have more inherited wealth while younger consumers are more burdened by student loan debt.

Savings by age statistics

Average savings by education level

Education level is one of the factors that correlates with bank account balance, based on the SCF data, which indicate that the median and mean balances fluctuate along with how much education an individual has attained. The largest median balance jump is from those with some college ($5,200) to those with a bachelor’s degree ($23,700).

Average savings by income

Similar to age and education level, income amount correlates overall with how much an individual has in savings. Income has the most consequential effect on bank account balance by far – with the median balance for the highest income bracket being more than 120 times than that of the lowest income bracket.

The most significant jump in median account balances is from the 80th to 89th percentile income range to the 90th and above percentile income range. It’s also worth noting that the median account balance for those with annual income in the top percentile range is at least $77,800more than those in the income tiers below.

The median account balance for most income groups has progressively increased since the 2013 SCF study. One exception is the median balance for the lowest income range, which has decreased by $40 since the previous report. The study is conducted every three years, with the most recently published data from 2022. The next updates are expected in late 2026.

See how your cash measures up with Bankrate’s budget calculator. 

Average savings by race and ethnicity

As far as race, those classified as non-Hispanic whites had significantly higher median and mean account balances than those in the Hispanic and Black categories — reflecting a racial wealth gap, as white families hold more than five times the wealth of the typical Black or Hispanic family.

How much should you have in a savings account?

Many advisors recommend workers stash away 20 percent of income spread across accounts like CDs, money market accounts, savings accounts and other places where money can be protected and grow. Here are seven low-risk places to grow your money.

The best way to determine your monthly expenses is to create a budget that lists how much money is coming in every month and subtracts that from expense categories like housing, transportation, groceries, entertainment and credit card bills.

Based on the recent Consumer Expenditure Survey data showing average monthly expenses of $6,080, most Americans should target $18,240-$36,480 in emergency savings.

Tips to increase your savings

Saving money isn’t always feasible, but there are ways you can start to save today. Here are some tips to increase your savings:

• Analyze your spending. Track your spending, and review your account statements each month to get a real understanding of where all your money is going — and where you can spend less.
• Create and stick to a budget. As you’re analyzing your spending, think about easy ways you can save money. Can you cancel multiple entertainment subscriptions? Carpool instead of driving alone? Thrift and upcycle household items that would otherwise cost a lot? Little changes can add up.
• Find creative ways to save money. As you’re analyzing your spending and making your budget, take this opportunity to think about ways you can save money. Whether it’s utility costs, gas and transportation, cell phone and internet, entertainment and groceries, there are ways to save on everyday expenses.
• Increase your income. Are you in a position to apply for a higher paying role or a pay raise? Or do you have room in your schedule to take on a part-time job or a side gig? Another temporary way to increase income is to sell your unwanted belongings.
• Open a high-yield savings account. As you save more, it’s important to put that money in a place where it will grow. A high-yield savings account is the best option. You’ll earn a rate well above the national average, while keeping the money easily accessible if you need it to cover an emergency expense.
• Automate your savings. Don’t wait to save money until the end of the month. Instead, make saving part of your regular routine by asking your employer to automatically deposit a percentage of your paycheck in your savings account. By setting aside the money, you can reduce your temptation to spend it.
• Save any unexpected money. Whether it’s a tax refund, a commission check or an annual bonus, it’s wise to treat a surprise amount of cash as a chance to increase your savings.

Bottom line

The average amount of savings depends on a wide range of factors — your age, your income, your education and more. However, it’s always better to have more than the average amount of savings set aside. A bigger cushion can help you enjoy life while stressing a bit less about money. 

Instead of simply aspiring to save more, it’s smart to think about what you’re saving for. Whether it’s a bigger emergency fund, a down payment for a house, a vacation fund or another long-term need, use Bankrate’s savings goals calculator to help figure out how you can reach your savings objectives faster.