The current picture of American savings account ownership
Roughly 6 in 10 Americans have a savings account at a bank or credit union, according to the most recent data from the Federal Deposit Insurance Corporation (FDIC). That means about 40% of American adults do not have one. The exact percentage shifts year to year and depends on how the survey defines "savings account" — whether it includes money market accounts, certificates of deposit, or only traditional savings products.
The number has been climbing slowly over the past decade. In 2011, only about half of American adults had a savings account. The increase reflects both more people opening accounts and better access to banking services, though gaps remain significant for certain groups.
These figures come from the FDIC's biennial survey of household banking habits, which interviews thousands of American households. The survey captures whether people have accounts at traditional banks, credit unions, or online banks. It does not count informal savings methods like cash under a mattress or money kept with family members.
Key Takeaways
- About 60% of American adults have a savings account, meaning 4 in 10 do not.
- Savings account ownership has grown steadily since 2011, when the rate was around 50%.
- The percentage varies significantly by age, income level, and race — younger adults and lower-income households are less likely to have accounts.
- Unbanked and underbanked Americans often face barriers like minimum balance requirements, fees, or lack of nearby branches.
Who is less likely to have a savings account
Savings account ownership is not evenly distributed across the population. Adults under 25 have lower rates of account ownership than those aged 35 to 55. Households earning less than $25,000 per year are significantly less likely to have a savings account than those earning more. The FDIC data also shows differences by race and ethnicity, with white and Asian American households reporting higher rates of account ownership than Black and Hispanic households.
People without a high school diploma are also less likely to have savings accounts. Geographic location matters too — rural areas sometimes have fewer bank branches, making it harder to open or maintain an account in person. Some people avoid banks because of past negative experiences, distrust of financial institutions, or language barriers.
Why some Americans do not have savings accounts
The reasons people lack savings accounts fall into a few categories. Some cannot meet minimum balance requirements that banks impose. Others face monthly fees they cannot afford, especially if they do not maintain a steady income. A third group simply has no money left after paying for housing, food, and other necessities — they are not choosing to avoid banks; they have nothing to save.
Distrust of banks is also a real factor. Some people have had accounts closed due to overdrafts or unpaid fees, which can make them hesitant to try again. Others come from communities where banking has not been accessible or where informal lending and cash-based systems have been the norm. Language barriers and immigration status concerns keep some people out of the formal banking system as well.
The difference between unbanked and underbanked
The FDIC distinguishes between two groups: the unbanked (people with no bank or credit union account at all) and the underbanked (people with a bank account but who also use alternative financial services like check cashers, payday lenders, or money transfer services). About 5% of American households are unbanked. Another 19% are underbanked, meaning they have an account but do not rely on it for all their financial needs.
Underbanked households often turn to alternative services because they do not trust banks, cannot meet minimum balance requirements, or live far from a branch. These alternatives are usually more expensive than traditional banking — a payday loan might cost 400% annual interest, and check-cashing fees add up quickly.
How savings account ownership has changed over time
The trend since 2011 has been upward. That year, the FDIC found that 50.2% of households had a savings account. By 2017, that number had risen to 56%. The most recent surveys show the rate hovering around 60%, with small year-to-year fluctuations.
Several factors have driven this increase. Online banks have lowered barriers by eliminating minimum balance requirements and monthly fees. Mobile banking has made it easier to manage accounts without visiting a branch. The 2008 financial crisis also made people more aware of the need for emergency savings, though that awareness has not translated equally across all income levels.
Regional and state-level variation
Savings account ownership varies by state, though the FDIC does not publish state-by-state breakdowns in its main reports. Regional data shows that the Northeast and West Coast tend to have higher rates of account ownership than the South and parts of the Midwest. Urban areas generally have higher rates than rural ones, partly because banks are more concentrated in cities.
Some states have launched initiatives to increase banking access, particularly in underserved communities. Credit unions, which are member-owned and often have lower fees than banks, play a larger role in some regions than others. Local economic conditions and the presence of community banks also affect how many people in an area have accounts.
What the data means for your own situation
These statistics describe the population as a whole, but they do not determine whether a savings account makes sense for you. Even if you are in a demographic group with lower average account ownership, opening one might still be the right choice. The key is finding an account that fits your situation — one without high fees, with no or low minimum balance requirements, and with access methods that work for you (online, mobile, or in-person).
If you have had trouble with banks in the past, credit unions often offer a different experience. If you have very little money to save, some accounts now charge no monthly fee and allow you to start with just a few dollars. The national averages tell you what most people do, but your own circumstances are what matter for your decision.
Frequently Asked Questions
What counts as a savings account in these statistics?
The FDIC survey counts traditional savings accounts, money market accounts, and certificates of deposit. It does not count checking accounts alone, though many people have both. Online savings accounts count the same as accounts at physical bank branches.
Why does the percentage vary depending on the source?
Different surveys use different definitions and ask different questions. Some count only bank accounts, others include credit unions. Some surveys ask about household accounts (one per family), while others count individual adults. The FDIC survey is the most widely cited because it is large and consistent over time.
If I do not have a savings account, am I in the minority?
No — about 4 in 10 American adults do not have a savings account, so you are part of a substantial group. However, having one can help you build emergency savings and avoid expensive alternatives like payday loans or check cashers.
Do online banks count toward these statistics?
Yes. The FDIC counts accounts at online banks the same as accounts at traditional brick-and-mortar banks. Online banks have actually helped increase the overall rate of account ownership because they have lower fees and no minimum balance requirements.
Has the pandemic changed how many Americans have savings accounts?
The most recent FDIC data shows the rate continued to climb through and after the pandemic, though some people who received stimulus payments opened accounts for the first time. The long-term trend remains upward, but gaps between income and racial groups have not closed significantly.