How Much Do Americans Have in the Bank? Median Balances by Age, Family, and Education

Key Takeaways

The median bank account balances in the U.S. vary significantly depending on age, household type, and education level. According to recent data, individuals under 35 have a median balance of $5,400, while those aged 65–74 have a median of $13,400. Couples typically report higher savings than single households, and college-educated individuals tend to have the highest bank balances.

To increase your savings more effectively, consider opening a high-yield savings account, money market account, or certificate of deposit (CD). These options can help your money grow faster through competitive interest rates.

How Much Cash Americans Keep in the Bank—And Where You Stand

Have you ever wondered how your bank balance compares to others? Federal Reserve data provides insights into what a typical American has in their bank accounts based on age, household type, and education.

According to the Federal Reserve's Survey of Consumer Finances, the median amount Americans had in their bank accounts in 2022 (the most recent available data) was $8,000. This figure includes transaction accounts such as checking, savings, money market, and brokerage cash accounts, as well as prepaid debit cards. However, it does not include certificates of deposit or retirement accounts.

It’s important to note that the Federal Reserve uses median figures rather than averages to avoid skewed results from individuals with extremely high or low savings. The median represents the middle point: half of respondents have more savings, and half have less.

Bank Balances by Age: How Do You Compare?

The Federal Reserve categorizes its survey into multiple age groups:

• Under 35
• 35–44
• 45–54
• 55–64
• 65–74
• 75 and older

In the 2022 survey, over 98% of Americans across all age groups reported having money in bank accounts. However, median balances varied considerably. For example, individuals under 35 had a median balance of $5,400, while those aged 75 and older had a median of $10,000.

Bank Balances by Household Type: Where Do You Fall?

The Federal Reserve breaks down family structure into five categories:

• Single With Child(ren)
• Single, No Child, Age <55
• Single, No Child, Age >=55
• Couple With Child(ren)
• Couple, No Child

Median bank account values differ between singles and couples. In 2022, single adults over 55 with no children had the highest median balance among individuals at $4,300. For couples, those without children had the highest median balance at $16,000.

Bank Balances by Education Level: How Do You Stack Up?

The Fed survey includes four education levels:

• No High School Diploma
• High School Diploma
• Some College
• College Degree

The data shows a strong correlation between education level and median bank balances. High school graduates reported median savings more than three times higher than those without a diploma. College graduates had over four times the median balance of those with some college education but no degree.

Want a Bigger Bank Balance? Open a High-Yield Account

No matter how much cash you currently have in the bank, it’s wise to ensure it’s working for you. Putting money into a high-yield savings account, money market account, or CD can help your savings grow faster.

A high-yield savings account is one of the easiest ways to deposit your money, allowing you to access your funds whenever needed. Our list of the best high-yield savings accounts includes several options that offer at least a 4% annual percentage yield (APY), with the best rate being 5.00% APY. These rates are variable, meaning the bank can change them at any time without notice.

Money market accounts are similar to savings accounts and often allow check-writing abilities. Several top money market accounts currently offer APYs of 3.10% or better, with the highest rate being 4.00% APY. Like savings accounts, these rates can also change.

If you don’t need immediate access to your funds, a certificate of deposit (CD) is a secure option. CDs offer a fixed interest rate that you can lock in for months or years. Your bank or credit union guarantees a set APY for terms ranging from three months to five years. You can determine exactly how much money you’ll earn when the CD matures, and some of the best CD rates now reach up to 5% APY. These rates remain stable even if short-term interest rates fluctuate. However, be cautious about choosing the right term, as early withdrawals may result in penalties.