The current share of Americans with savings accounts

Roughly 63 to 66 percent of Americans have a savings account at a bank or credit union, based on the most recent Federal Deposit Insurance Corporation (FDIC) data. That means about one in three adults does 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 basic savings products.

The number has been climbing slowly since 2011, when it was around 55 percent. The rise reflects both increased access to online banking and deliberate efforts by banks and nonprofits to bring unbanked and underbanked people into the financial system. Still, the gap remains significant, and it is not evenly distributed across income levels, age groups, or regions.

Key Takeaways

  • About two-thirds of American adults have a savings account, meaning roughly 33 percent do not.
  • Savings account ownership varies sharply by income: households earning under $30,000 per year have much lower rates than those earning over $75,000.
  • Younger adults (18–24) and older adults (65+) have different patterns, with middle-aged adults showing the highest ownership rates.
  • The percentage has grown since 2011, driven partly by online banks and financial inclusion programs, but progress has slowed in recent years.

How savings account ownership breaks down by income

Income is the strongest predictor of whether someone has a savings account. Among households earning less than $30,000 per year, the ownership rate falls to around 50 percent or lower. For households earning $30,000 to $75,000, the rate climbs to roughly 65 to 70 percent. Among those earning over $75,000, it reaches 80 percent or higher.

This gap reflects both ability to save and access to banking services. Lower-income households are more likely to face barriers like minimum balance requirements, overdraft fees, or lack of nearby branches. They are also more likely to live in areas with fewer banking options — a problem known as banking deserts, which are common in rural and low-income urban neighborhoods.

Age and savings account ownership

Savings account ownership varies across age groups in ways that do not always follow a straight line. Adults aged 35 to 54 have the highest ownership rates, typically 70 percent or above. Young adults aged 18 to 24 have lower rates, around 55 to 60 percent, partly because they have had less time to build financial relationships and may face higher barriers to opening accounts.

Adults over 65 show ownership rates similar to or slightly lower than the overall average, around 60 to 65 percent. This may reflect a mix of factors: some older adults have maintained accounts for decades, while others may have moved away from traditional banking or faced barriers when they were younger. Generational differences in comfort with digital banking also play a role.

Why some Americans do not have savings accounts

The reasons people lack savings accounts fall into a few categories. Some face practical barriers: no minimum balance to open an account, fees they cannot afford, or no bank branch within reasonable distance. Others distrust banks, particularly if they have had negative experiences with overdrafts, account closures, or discrimination. Still others simply do not see a need for one, preferring to keep cash or use alternative services.

Immigrants and people without a Social Security number face additional hurdles. Many banks require a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account, though some credit unions and online banks have begun offering accounts to people with ITINs. Language barriers and unfamiliarity with the U.S. banking system also play a role.

How online banking has shifted the landscape

The growth of online-only banks and fintech platforms has made it easier for some people to open savings accounts. These services often have no minimum balance, lower or no monthly fees, and can be opened entirely through a smartphone or computer. This has particularly helped people in rural areas or those who prefer not to visit a physical branch.

However, online banking has not closed the gap evenly. People without reliable internet access, those uncomfortable with digital tools, or those who prefer face-to-face banking have not benefited as much. Older adults and lower-income households are less likely to use online banking, even when it is available to them.

Regional differences in savings account ownership

Savings account ownership is not uniform across the country. States with higher median incomes and more developed banking infrastructure tend to have higher ownership rates. Rural states and regions with concentrations of lower-income households show lower rates. The South and parts of the Midwest have historically had lower ownership rates than the Northeast and West Coast, though these gaps have been narrowing.

Banking deserts — areas with few or no bank branches — are concentrated in rural counties and low-income urban neighborhoods. These areas often have higher rates of unbanked and underbanked residents, which can make it harder for people to save money or access credit.

What the trend means for financial security

The fact that one in three Americans lacks a savings account has real consequences. People without savings accounts are more vulnerable to unexpected expenses, more likely to use high-cost borrowing like payday loans, and less able to build wealth over time. They also have fewer protections: money kept at home or in informal arrangements is not insured, and it is harder to dispute unauthorized transactions.

The slow upward trend in ownership rates suggests that barriers are gradually coming down, but progress has been uneven. Efforts to expand access — through community banks, credit unions, and online platforms — continue, but they have not yet reached everyone who needs them.

Frequently Asked Questions

What counts as a savings account in these statistics?

The FDIC typically counts basic savings accounts, money market accounts, and sometimes certificates of deposit. Different surveys may define it differently, which is why you will see slight variations in the percentages reported. The core definition is an account held at a bank or credit union specifically for saving money, not checking.

Has the percentage of Americans with savings accounts been going up or down?

It has been going up overall since 2011, when it was around 55 percent. However, the rate of growth has slowed in recent years, and the gains have not been evenly distributed across income levels. The pandemic temporarily boosted savings rates, but longer-term trends show steady but slow progress.

Why do some people choose not to have a savings account?

Reasons vary. Some distrust banks or have had bad experiences with fees and overdrafts. Others prefer to keep cash or use informal savings methods. Some lack access to banking services in their area. And some simply do not see a need for one, particularly if they have no money to save or prefer other ways to manage their finances.

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

Most traditional banks require a Social Security number or ITIN. However, some credit unions and online banks now offer accounts to people with an ITIN, and a few accept other forms of identification. You will need to contact banks or credit unions in your area to find out what they accept.

Do online banks count toward these percentages?

Yes, accounts at online-only banks are included in the overall statistics. However, surveys do not always break out online versus traditional banks separately, so it is hard to know exactly how much online banking has contributed to the overall growth in ownership rates.