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Savings account statistics

In a world obsessed with spending, here's how much America saves.

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By

Shannon Terrell

Updated

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Americans sure can pinch their pennies. With more than $9.34 trillion stored in nest eggs across US financial institutions, savings in 2019 are at an all-time high.

We crunched the numbers to reveal how Americans store their savings, which accounts offer the best rates and how these reserves stack up between genders and across generations.

Total savings in the US

Savings habits are tied to the economy: The slower the economy, the more we tend to save. Today, Americans are saving more than they’ve ever saved before.

In 2019, savings across all US financial institutions total about $9.34 trillion. To put that in perspective, the nation’s savings amounted to some $7 trillion in 2013. And in 2010, Americans saved a mere $4.8 trillion altogether on the heels of the 2008 financial crisis.

YearTotal savings across all US deposit accounts
1975$135.9 billion
1980$192.9 billion
1985$720.8 billion
1990$893.9 billion
1995$1.1 trillion
2000$1.8 trillion
2005$3.6 trillion
2010$4.9 trillion
2015$7.6 trillion
2019$9.34 trillion

How much is saved in personal bank accounts?

Americans can set aside money for a rainy day in a variety of ways, from certificates of deposit to money market accounts. In the US, gross private savings total $4.64 trillion, while personal savings total $1.06 trillion.

Top banks by total deposits

The US is home to thousands of FDIC-insured commercial banks. But it appears that we tend to favor only a handful of institutions to save with.

Bank of America towers above the national competition, boasting $1.31 trillion in total deposits. Closely following is Chase Bank at $1.27 trillion in total deposits. Wells Fargo is the only other bank in the top 5 to crack $1 trillion, with $1.26 trillion in total deposits to its name.

BankTotal deposits as of June 30, 2019
Bank of America$1,353,686,805
JPMorgan Chase Bank$1,311,219,000
Wells Fargo Bank$1,291,135,000
Citibank$550,777,000
U.S. Bank$342,652,693

Source: FDIC

How much of our income are we saving?

Many Americans automatically set aside a part of their income to savings each month. But how much of our disposable income – the income that’s left after taxes – are we saving overall?

From 2016 to 2019, savings rates in the US fluctuated between 6% and 8% of a person’s after-tax income. In September 2019 the personal savings rate in the US hovered at an impressive 8.1%.

DatePersonal saving rate
Jun 20166.30%
Jul 20166.50%
Aug 20166.50%
Sep 20166.50%
Oct 20166.50%
Nov 20166.50%
Dec 20166.30%
Jan 20176.80%
Feb 20177.10%
Mar 20177.20%
Apr 20177%
May 20177.20%
Jun 20176.90%
Jul 20177%
Aug 20177.10%
Sep 20176.80%
Oct 20176.90%
Nov 20176.70%
Dec 20176.70%
Jan 20187.70%
Feb 20188%
Mar 20188%
Apr 20187.70%
May 20187.50%
Jun 20187.60%
Jul 20187.50%
Aug 20187.50%
Sep 20187.50%
Oct 20187.30%
Nov 20187.20%
Dec 20188.80%
Jan 20198.30%
Feb 20198.80%
Mar 20198.40%
Apr 20198%
May 20197.80%
Jun 20197.80%
Jul 20197.60%
Aug 20197.90%
Sep 20198.10%
Oct 20197.80%
Nov 20197.90%

Average household savings

Few things are as satisfying as watching your nest egg grow, no matter how much you’re setting aside.

Looking at just savings accounts, the US average in 2019 is $16,420. But that means some people have a whole lot more and some have a whole lot less, because the median savings account holds just $4,830.

Which accounts offer the strongest and weakest rates?

It takes financial discipline to progress toward your savings goals. Paired with a strong interest rate, your efforts can pay off in bigger balances more quickly.

While the nationwide average APY is 0.10%, many digital banks offer rates above 2.0%. Without the high overhead of more traditional banks, these online options can pass the savings directly to their customers in the form of strong rates and low fees.

Top reasons for saving

Savings can help you build that dream bathroom you’ve always wanted and give you something to fall back on when those unexpected vet bills come due.

But most Americans have wanderlust on the mind when stowing away their funds. Travel tops the list of reasons we’re saving in the US, according to a 2018 SunTrust Bank survey, followed by emergency savings and retirement funds.

  1. Travel
  2. Emergency savings
  3. Retirement
  4. Buy a house
  5. Buy a vehicle

How savings differ between genders

It appears that men and women are fairly on par when it comes to how much they’re setting aside for savings.

The biggest gap between the genders is found in account holders with more than $10,000 in their savings accounts, where men outnumber women by 9%.

Amount savedMenWomen
$037%41%
$99915%21%
$1,000–$4,99912%13%
$5,000–$9,9996%6%
$10,000 or more31%20%

How savings differ among the generations

While the generations have plenty to battle about, saving for retirement is a goal we can all agree on.

Baby boomers lead in savings with a $152,000 median balance in their savings accounts, while Gen X trails an at average $66,000 stowed away, according to an April 2019 report from the Transamerica Center for Retirement Studies. With less time to have stockpiled their earnings, millennials have only $23,000 to fall back on.

Interestingly, the same report finds that millennials start saving for retirement at the age of 24, which is earlier than both Gen Xers, who say they started saving at age 30, and boomers, who started at 35.

Median amount saved:

  • Baby Boomers: $152,000
  • Gen X: $66,000
  • Millennials: $23,000

Which states save the most?

The Midwest Dakotas lead the pack, with savers in South Dakota and North Dakota socking away the most by way of savings deposits, minimal debt, low income tax and a high use of coupons, according to a Get Rich Slowly study.

RankState
1South Dakota
2North Dakota
3North Carolina
4Nevada
5Illinois
6Texas
7Utah
8Pennsylvania
9Missouri
10Oklahoma
11Alabama
12Louisiana
13Wyoming
14Indiana
15Kansas
16Michigan
17Florida
18Ohio
19Massachusetts
20Tennessee
21Mississippi
22Iowa
23Nebraska
24Wisconsin
25Kentucky
26New York
27Minnesota
28Arkansas
29West Virginia
30Delaware
31Maine
32Washington, DC
33Virginia
34Montana
35Georgia
36Connecticut
37Rhode Island
38Washington
39Arizona
40Colorado
41New Hampshire
42New Jersey
43South Carolina
44New Mexico
45California
46Maryland
47Vermont
48Idaho
49Alaska
50Hawaii
51Oregon

5 tips for building a strong nest egg

Every little bit counts. Hit your next financial milestone more quickly by prioritizing your savings with a few set-it-and-forget-it lifestyle and account hacks:

  • Create a budget. Analyze your earnings and expenses to get a big picture of your finances and then set a monthly budget you can stick to.
  • Nail down goals. It’s easier to save when you’re building toward an exciting future. Think about what motivates you to save, and set short- and long-term goals as a challenge.
  • Pay yourself first. Automate your savings with regular transfers into your account. Even $30 a month can help build an emergency fund.
  • Stay inside your network. In this digital age, a dollar here and there adds up. Stick with your provider’s ATM network to keep more of your money in your own pocket.
  • Automate your bills. Autopay from your account can keep you from forgetting due date on regular expenses — and getting stuck with late payment fees.

Compare savings accounts

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Editor

Shannon Terrell is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in personal finance. Her writing and analysis on investing and banking has been featured in Bloomberg, Global News, Yahoo Finance, GoBankingRates and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga. See full bio

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has written 160 Finder guides across topics including:
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