About 63 percent of American adults have a savings account, according to the most recent Federal Deposit Insurance Corporation data

The FDIC surveys household banking habits every few years. In their most recent survey, roughly 63 percent of American households had at least one savings account at a bank or credit union. That means about 37 percent of adults do not have one—a significant portion of the population that relies on other ways to store money or no formal savings method at all.

The percentage varies by income, age, and geography. Households earning less than $30,000 per year have much lower savings account ownership than those earning more. Adults under 25 and over 65 also show different patterns. Rural areas sometimes have fewer banking options than cities, which affects whether people can open accounts nearby.

These numbers matter because they show that a savings account is not universal, even though many financial guides assume everyone has one. If you are thinking about opening one, you are joining a majority—but a slim one.

Key Takeaways

  • About 63 percent of American adults have a savings account, meaning roughly one in three does not.
  • Savings account ownership is lower among people earning under $30,000 per year and varies by age group and region.
  • The FDIC publishes these numbers every few years, so the exact percentage shifts slightly over time.
  • Having a savings account is common but not universal, and many people use alternative methods to store money.

Why the percentage is not higher

Several barriers keep people from opening savings accounts. Some banks require a minimum deposit to start—often $25 to $100, though some have no minimum. Others charge monthly fees if the balance falls below a certain level. For someone living paycheck to paycheck, even a small fee can make an account not worth keeping open.

Access is another factor. Not everyone lives near a bank branch or credit union. Online banks solve this problem for people with internet access and a mailing address, but not everyone has reliable internet or feels comfortable banking entirely online.

Trust plays a role too. Some people have had bad experiences with banks—overdraft fees, account closures, or difficulty getting help when something goes wrong. Others come from communities where banking has not been reliable or welcoming. These experiences shape whether someone tries to open an account.

Who is most likely to have a savings account

Savings account ownership climbs sharply with income. Among households earning $75,000 or more per year, the rate is above 90 percent. Among those earning $30,000 to $75,000, it sits around 75 to 80 percent. Below $30,000, it drops to roughly 50 percent or lower.

Age matters as well. Adults aged 35 to 54 have the highest ownership rates. Young adults aged 18 to 24 have lower rates, partly because they have not yet built the habit and partly because they may not have the income to maintain a minimum balance. Adults over 65 have high ownership rates, reflecting decades of banking history.

Employment status also correlates with account ownership. People with steady jobs are more likely to have savings accounts than those who are unemployed or work irregular hours. Self-employed people sometimes have lower rates because they may use business accounts instead, or because irregular income makes maintaining a minimum balance harder.

What people use instead of savings accounts

The 37 percent of adults without savings accounts do not all keep money under the mattress. Some use prepaid cards, which function like debit cards but are not linked to a bank account. Others use money transfer services like Western Union or MoneyGram to move money between people. A smaller group uses check-cashing services, which charge a fee but do not require an account.

Some people keep cash at home or split money across multiple informal methods. Others rely on family members to hold money for them. A few use mobile payment apps like PayPal or Venmo, though these are not designed as long-term savings tools and do not offer the same protections as a bank account.

These alternatives often cost more in fees and offer less security than a savings account. Money in a bank account is insured by the FDIC up to $250,000, which means if the bank fails, your money is protected. Money in a prepaid card or at home has no such protection.

How the numbers have changed over time

The FDIC has tracked banking habits since 2009. In that year, about 73 percent of American households had a savings account. The rate dropped during the 2008 financial crisis and its aftermath, as people lost jobs and banks tightened lending. It has fluctuated since then, generally staying between 62 and 76 percent depending on economic conditions and which survey year you look at.

The most recent data shows the rate hovering around 63 percent. This reflects both ongoing economic inequality and the rise of online banking, which has made accounts easier to open but has not solved the underlying barriers of cost and trust for the lowest-income households.

What this means if you are thinking about opening an account

If you do not have a savings account, you are in a large group—but not the majority. Opening one can give you a safer place to store money than cash and protection under FDIC insurance. It also makes it easier to build savings over time, since money in an account is less tempting to spend than money in your pocket.

If cost is the barrier, look for banks or credit unions with no monthly fees and no minimum balance requirements. Many online banks offer both. If access is the problem, online banking lets you open an account from home and deposit checks by phone camera. If trust is the issue, starting with a small amount in an account at a well-known bank can help you get comfortable with the process.

The fact that 63 percent of Americans have savings accounts does not mean you have to. But it does mean that if you want one, the infrastructure exists and the process is straightforward.

Frequently Asked Questions

Do I need a savings account if I get paid in cash?

No, but a savings account makes it easier to keep cash safe and separate from spending money. Without one, you might use check-cashing services, which charge fees, or keep cash at home, which has no insurance protection. A savings account with no minimum balance and no monthly fees can cost you nothing and protect your money.

What if I have bad credit—can I still open a savings account?

Yes. Savings accounts do not require a credit check. Banks may check your banking history through ChexSystems, a system that tracks closed accounts and overdrafts, but this is different from a credit check. Even if you have been denied a bank account before, you can often open one at a credit union or an online bank with more flexible policies.

Is my money safe in a savings account if the bank fails?

Yes, up to $250,000 per account holder per bank. The FDIC insures deposits, which means if your bank closes, the government backs your money. This protection does not apply to prepaid cards, cash, or money transfer services, which is one reason a savings account is safer for storing money long-term.

Why do some banks charge fees on savings accounts?

Banks charge monthly maintenance fees to cover the cost of running the account and to encourage customers to maintain a minimum balance or set up direct deposit. Many banks waive these fees if you meet certain conditions. Online banks often have no fees because they have lower overhead costs than branches.

Can I open a savings account online if I do not have a physical address?

Most online banks require a mailing address to send documents and cards. If you are unhoused or do not have a permanent address, some credit unions and community banks may work with you using a shelter address or a mail forwarding service. Call ahead to ask what they need before you try to open an account.