The Current State of American Savings Accounts

About 63% of American adults have a savings account, according to the most recent Federal Deposit Insurance Corporation (FDIC) survey data. That means roughly four in ten adults do not have one. The number has shifted over time — it was lower during the 2008 financial crisis and has generally trended upward since then, though it remains below what many assume.

The percentage varies significantly by income level, age, and geography. Adults earning less than $25,000 per year are far less likely to have a savings account than those earning $75,000 or more. Younger adults (18–24) have lower rates than those in their 30s and 40s. Rural areas sometimes have lower rates than urban centers, partly because of branch availability and partly because of income differences in those regions.

Having a savings account is not the same as having money in it. Many people who hold accounts have very little saved. The median savings account balance for households that have one is substantially lower than the average, which means a small number of high-balance accounts pull the average up significantly.

Key Takeaways

  • Roughly 63% of American adults hold a savings account, meaning about 37% do not.
  • Savings account ownership is lower among people earning under $25,000 per year and among adults under 25 years old.
  • Having an account does not mean having substantial savings — many accounts hold very small balances.
  • Barriers to opening an account include minimum balance requirements, fees, lack of nearby branches, and distrust of banks.
  • The FDIC tracks this data regularly, so the percentages shift year to year based on economic conditions and banking trends.

Why Some Americans Do Not Have Savings Accounts

The reasons people do not hold savings accounts fall into a few categories: cost, access, and trust. Some banks charge monthly maintenance fees or require a minimum opening deposit that people cannot afford. Others live in areas with few or no bank branches nearby, making it inconvenient to open or manage an account in person.

Distrust of banks is also a real factor. Some people have had negative experiences with overdraft fees, unexpected charges, or account closures. Others come from communities or families where banking through traditional institutions is not the norm, and they rely instead on cash, money orders, or informal lending networks.

A third group simply has no money to save after paying for housing, food, transportation, and other necessities. For these households, the question of whether to open a savings account is secondary to the question of whether they have anything to save.

How Savings Account Ownership Breaks Down by Demographics

Ownership rates differ sharply across income, age, and racial groups. Adults earning under $25,000 per year typically have savings account ownership rates between 40–50%, while those earning $75,000 or more often exceed 80%. Young adults aged 18–24 fall below the overall average, while those aged 35–54 exceed it. White households have higher ownership rates than Black and Hispanic households, a gap that reflects both income differences and historical patterns in banking access.

These gaps reflect both income differences and historical patterns in banking access. Racial wealth gaps mean that Black and Hispanic households are more likely to have lower incomes and less inherited wealth to draw from. Younger adults have not had as much time to accumulate savings or establish banking relationships. Geographic variation also matters — some rural areas have fewer banks, and some neighborhoods have been historically underserved by traditional banking.

The Difference Between Having an Account and Having Savings

One important distinction: the percentage of people with a savings account is not the same as the percentage of people with emergency savings. Many people who hold accounts have balances under $1,000, which is not enough to cover a typical emergency like a car repair or medical bill.

The Federal Reserve's Survey of Household Economics and Decisionmaking found that a significant portion of Americans could not cover a $400 emergency expense without borrowing or selling something. This is true even among some people who have savings accounts — they may have opened one but not yet built a balance, or they may have depleted their savings during a period of hardship. Understanding this gap matters because it explains why so many people turn to payday loans, credit cards, or family loans when an unexpected cost arises, even if they technically have a bank account.

Barriers to Opening a Savings Account

Common obstacles include minimum balance requirements (some banks require $100 or more to open), monthly maintenance fees (ranging from $5 to $15 or higher), overdraft fees that can spiral quickly, and identification requirements that some people cannot meet. Some banks also use ChexSystems, a checking account history database, and will not open accounts for people with a history of overdrafts or closed accounts.

For people without a permanent address, opening an account can be nearly impossible because banks require proof of residency. For undocumented immigrants, the lack of a Social Security number or standard ID creates a barrier, though some banks and credit unions have begun offering accounts to people with Individual Taxpayer Identification Numbers (ITINs). Geographic access remains a real issue in some areas — rural counties have fewer bank branches than they did 10 or 20 years ago, and some neighborhoods in cities have been abandoned by traditional banks, leaving residents to rely on check-cashing services and payday lenders that charge much higher fees.

What Has Changed Over Time

The percentage of Americans with savings accounts has generally increased since the 2008 financial crisis, when many people closed accounts or lost access to banking after foreclosures and bank failures. However, the rate remains below historical highs from earlier decades.

Online banks have made it easier for some people to open accounts without visiting a branch, and some have eliminated or lowered minimum balance requirements. Credit unions, which are member-owned and often serve lower-income communities, have also expanded access in some regions. At the same time, the number of bank branches has declined, and fees have become more complex. Some people have moved away from traditional banks entirely and now use mobile payment apps, prepaid cards, or cryptocurrency, which means they may not appear in surveys that count traditional savings accounts.

How to Find a Savings Account That Works for You

If you are looking to open a savings account, start by checking what your local banks and credit unions offer. Credit unions often have lower fees and more flexible requirements than large national banks. Online banks typically have no monthly fees and no minimum balance requirements, though they do not offer in-person service.

Ask about overdraft protection, which can prevent fees if you accidentally spend more than you have. Compare interest rates — even a small difference adds up over time. Look for accounts that do not charge a fee for using out-of-network ATMs, or that reimburse those fees. If you have had trouble with banks in the past, ask about second-chance banking programs. Some banks and credit unions specifically serve people who have been denied accounts elsewhere. The FDIC website has a tool to find banks in your area, and the National Credit Union Administration has a similar tool for credit unions.

Frequently Asked Questions

Do I need a minimum amount of money to open a savings account?

It depends on the bank or credit union. Many online banks and some credit unions have no minimum opening deposit. Traditional banks often require $25 to $100 to open. Some accounts waive the minimum if you set up automatic deposits. Call ahead or check the bank's website before visiting.

What if I have been denied a bank account before?

ChexSystems tracks checking account history, and banks use it to decide whether to open new accounts. You can request your ChexSystems report for free at chexsystems.com. If there are errors, you can dispute them. Some banks and credit unions offer second-chance accounts specifically for people with negative history. Ask your local credit union first — they are often more flexible than large banks.

Is it better to use a bank or a credit union?

Credit unions are member-owned and often have lower fees and more flexible lending practices. Banks are for-profit and may have more locations and services. Both are insured by the FDIC or NCUA up to $250,000 per account. Choose based on what matters to you: convenience, fees, customer service, or specific products you need.

Can I open a savings account without a Social Security number?

Some banks and credit unions will open accounts using an Individual Taxpayer Identification Number (ITIN) instead. Call ahead to ask — policies vary by institution. You will still need a form of ID and proof of address. Some credit unions serve immigrant communities and have experience with ITIN accounts.

Why do savings account ownership rates vary so much by income?

Lower-income households are more likely to live paycheck to paycheck and have little money left over to save. They also face higher fees relative to their account balance, making banking less attractive. Geographic access, distrust of banks, and lack of documentation can also play a role. These barriers compound over time, making it harder for lower-income people to build wealth.