The current state of savings account ownership in the United States
About 94% of American adults have at least one bank account, according to the Federal Deposit Insurance Corporation (FDIC). Of those, the vast majority hold savings accounts alongside checking accounts. However, the picture changes significantly when you look at how much money people actually keep in savings—many accounts hold very little, and a meaningful portion of the population remains unbanked or underbanked.
The FDIC defines an unbanked household as one with no one holding a checking or savings account at any bank or credit union. As of the most recent survey data, roughly 5–6% of U.S. households fall into this category. Underbanked households—those with a bank account but who also rely on alternative financial services like check-cashing or payday loans—make up an additional 13–15% of the population.
These numbers matter because they show that while most people have access to savings accounts, not everyone uses them the same way, and barriers to opening and maintaining an account remain real for certain groups.
Key Takeaways
- Approximately 94% of American adults have at least one bank account, with the majority holding both checking and savings accounts.
- About 5–6% of U.S. households are completely unbanked, meaning no one in the household has a bank or credit union account.
- An additional 13–15% of households are underbanked, meaning they have an account but also use alternative financial services like check-cashing or payday loans.
- Barriers to opening a savings account include minimum balance requirements, fees, lack of documentation, and limited access to branches in certain areas.
- Savings account ownership varies by age, income level, and race, with younger adults and lower-income households less likely to maintain savings accounts.
Who is most likely to have a savings account
Savings account ownership is not evenly distributed across demographic groups. Older adults, higher-income households, and white and Asian American households have higher rates of savings account ownership. Adults over 65 are nearly universal account holders, while adults under 30 show lower rates of savings account use.
Income is one of the strongest predictors of whether someone maintains a savings account. Households earning over $75,000 per year have savings account ownership rates above 95%, while households earning under $25,000 per year drop to around 75–80%. This gap reflects both the ability to maintain a minimum balance and the cost of fees that can make accounts unaffordable for people living paycheck to paycheck.
Geographic location also plays a role. Rural areas and low-income urban neighborhoods often have fewer bank branches, making it harder for residents to open accounts or deposit checks. Some people in these areas turn to check-cashing services or prepaid cards instead, which carry higher fees but require no minimum balance.
Why some people do not have savings accounts
The reasons people remain unbanked or underbanked are practical rather than preferential. The most common barrier is minimum balance requirements—many banks require you to keep $500 or more in a savings account to avoid monthly fees. For someone earning $15 per hour, setting aside that much money is not realistic.
Documentation requirements also block access. Opening a bank account typically requires a government-issued ID and proof of address. Unhoused people, recent immigrants, and people without a permanent address may struggle to meet these requirements, even if they want an account.
Past banking problems create another barrier. If someone had an account closed due to overdrafts or unpaid fees, they may appear in ChexSystems (a banking history database) and be denied when they try to open a new account. Some banks offer second-chance accounts, but they are not always easy to find.
Distrust of banks is also real. Some communities have historical reasons to be skeptical of financial institutions, and others simply prefer to keep cash. These are legitimate choices, though they come with real costs—no FDIC protection, no interest, and vulnerability to theft.
How savings account ownership has changed over time
Overall bank account ownership has remained relatively stable over the past decade, hovering around 93–95%. However, the composition has shifted. Younger adults are opening accounts at lower rates than previous generations did at the same age, though this partly reflects delayed financial independence and student debt rather than a permanent rejection of banking.
The rise of online banks and fintech accounts has changed where people hold savings. Traditional brick-and-mortar banks still dominate, but online savings accounts with no minimum balance and higher interest rates have attracted millions of customers, particularly younger and more tech-comfortable savers.
The COVID-19 pandemic accelerated the shift toward digital banking. Many people opened online accounts for the first time to receive stimulus payments and unemployment benefits, and many kept those accounts open. This may have slightly increased overall account ownership among previously unbanked populations, though comprehensive data on this shift is still emerging.
What low-balance and no-fee accounts look like
If you have been deterred by minimum balance requirements or monthly fees, several options now exist. Many credit unions offer savings accounts with no minimum balance and no monthly maintenance fees. Credit union membership requirements vary—some are open to anyone in a geographic area, while others require employment at a specific company or membership in an organization.
Online banks typically have no minimum balance requirements and no monthly fees because they have lower overhead costs than traditional banks. Interest rates on online savings accounts are also usually higher than at brick-and-mortar banks, though rates change frequently.
Some traditional banks now offer no-fee checking and savings accounts, though you may need to meet conditions like setting up direct deposit or maintaining a linked account. It is worth calling your current bank and asking whether they offer a no-fee option—many do, but do not advertise them prominently.
Second-chance banking programs exist at some banks and credit unions specifically for people with past banking problems. These accounts may have higher fees or lower limits initially, but they allow you to rebuild your banking history and eventually move to a standard account.
The relationship between savings accounts and financial stability
People with savings accounts are more likely to have emergency savings than those without accounts. This is not because the account itself creates stability, but because having a safe place to keep money makes it easier to build a cushion. Research from the Federal Reserve shows that households with savings accounts are significantly more likely to report having enough money to cover a $400 emergency.
Savings accounts also provide FDIC protection up to $250,000 per depositor per bank. This means your money is protected if the bank fails—a rare event, but one that has happened. Money kept at home or in alternative services like check-cashing has no such protection.
The interest earned on savings accounts is modest in most cases, but it is real money. Even at current rates of 4–5% annually (which vary by bank and account type), a $1,000 balance earns $40–50 per year with no effort on your part. For someone building savings slowly, this compounds over time.
Frequently Asked Questions
Do I need a savings account if I have a checking account?
Not necessarily, but it helps. A separate savings account makes it easier to avoid spending money you are trying to set aside. Many people use checking for bills and daily expenses, and savings for emergencies or goals. You can do this with one account, but the mental separation often works better with two.
What happens if I cannot maintain a minimum balance?
Look for accounts with no minimum balance requirement. Credit unions and online banks typically offer these. If you already have an account with a minimum balance you cannot meet, call the bank and ask about switching to a no-fee account, or close it and move to a bank that does not have minimums.
Can I open a savings account without a Social Security number?
Most banks require a Social Security number or Individual Taxpayer Identification Number (ITIN). Some credit unions and online banks may work with an ITIN. Call ahead before applying. If you cannot get either, some community development financial institutions (CDFIs) offer accounts with alternative documentation.
If I was denied a bank account before, can I try again?
Yes. If you were denied because of ChexSystems, you can request your report and dispute errors. You can also look for second-chance banking programs at local credit unions or community banks. Some online banks have fewer restrictions than traditional banks on who they will accept.
Does having a savings account affect my credit score?
No. Opening or maintaining a savings account does not appear on your credit report and does not affect your credit score. Only credit products like loans and credit cards show up on your credit history. A savings account is purely a place to store money.