How Much Money Americans Have in the Bank: Breaking Down Median Account Balances by Age, Family, and Education
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Sara is an experienced writer, editor, and project manager who specializes in personal finance, news, and lifestyle content. A journalist with more than two decades of experience, Sara has served as project manager for U.S. News & World Report’s education rankings and other data projects, has planned personal finance webinars, and has written, edited, and produced content on many consumer-focused topics for news organizations such as NerdWallet, U.S. News, The Seattle Times, and Washingtonpost.com.
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Published July 16, 2026
Table of Contents
- Where Do You Stand?
- Bank Balances by Age
- Bank Balances by Household Type
- Bank Balances by Education Level
- How to Get a Bigger Balance
Americans’ family bank balances vary widely by age, household type, and education.
The Good Brigade / Getty Images
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Key Takeaways
- Median bank account balances in the U.S. range from $5,400 for those under 35 to $13,400 for ages 65–74, according to Federal Reserve data.
- Couples report higher median savings than single households, while college-educated households have the highest bank balances.
- To boost your savings faster, consider a top high-yield savings account, money market account, or CD.
How Much Cash Americans Keep in the Bank—And Where You Stand
Ever wondered how your bank balance compares to others? Federal Reserve data reveals what savings a typical American has by 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 data available) was $8,000.1
Federal Reserve. “Survey of Consumer Finances, 1989 – 2022.” This amount is in transaction accounts, which include checking, savings, money market, and brokerage cash accounts, as well as prepaid debit cards. (Certificates of deposit and retirement accounts are not part of this grouping.)
But that $8,000 figure only tells part of the story. Median balances vary widely by age, household type, and education.
Important
We use median figures instead of averages to avoid skewed results from people with very high or very 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 looks at multiple age groups in its survey:
- Under 35
- 35-44
- 45-54
- 55-64
- 65-74
- 75 and older
In the 2022 survey, more than 98% of Americans across every age group reported having money in bank accounts. But median balances varied substantially by age. For instance, those under 35 had a median of $5,400, while Americans 75 and older held a median of $10,000.
Bank Balances by Household Type: Where Do You Fall?
In its survey, the Fed uses five breakdowns for family structure:
- 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 varied widely between singles and couples. In 2022, single adults over 55 with no children had the highest median balance among individuals ($4,300). For couples, those without children held the highest median balance ($16,000).
Median Bank Account Balances by Household Type
The average balances shown include checking, savings, money market, and brokerage cash accounts, as well as prepaid debit cards.
Median Bank Account Balances by Age
Single With Child(ren)
$2,400
Single, No Child, Age <55
$4,000
Single, No Child, Age >=55
$4,300
Couple With Child(ren)
$12,500
Couple, No Child
$16,000
Note: Median account balances are used instead of mean averages to reduce the impact of exceptionally high or low savings amounts.
Chart: Investopedia / Sara ClarkeSource: Federal Reserve’s “Survey of Consumer Finances” (2022)
Bank Balances by Education Level: How Do You Stack Up?
The Fed survey includes four options for education level:
- No High School Diploma
- High School Diploma
- Some College
- College Degree
Survey results suggest a strong link between educational level and median bank balances, much more than for age or family structure. 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.
However much cash you have in the bank, it’s smart to make sure it’s earning more for you. Putting some money into a high-yield savings account, money market account, or CD can boost your savings balances.
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Want a Bigger Bank Balance? Open a High-Yield Account
A high-yield savings account is among the easiest places to deposit money, giving you access to your cash anytime you need it.
Our list of the best high-yield savings accounts includes several options that pay at least a 4% annual percentage yield (APY), with the best rate being 5.00%. Rates on savings accounts are variable, meaning the bank can change your APY at any time without warning.
Money market accounts are similar to savings accounts and offer check-writing abilities. If that’s an important feature for you, you can check out the best money market accounts—and several currently offer APYs of 3.10% or better, with a top rate of 4.00%. But as with savings accounts, money market APYs can change.
If you don’t need to access your money immediately, a certificate of deposit (CD) is a safe option with a big perk: a fixed rate that you can lock in for months or years. Your bank or credit union will guarantee a set APY for terms generally ranging from three months to five years in exchange for you keeping your money in the CD. You’re able to determine now how much money you’ll earn when the CD matures, and some of the best CD rates—now up to 4.5% APY—are good for many months, regardless of what happens to interest rates in the short term. Just be sure to pick your term carefully, as you’ll be hit with an early withdrawal penalty if you cash out before the maturity date.
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