September 2, 2019

Average Bank Account Balance

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Many factors can impact the average American's account balance. Keep reading to learn more and some tips on how to reach your savings goals.

The Average Account Balance by Age

To determine an average balance, the Federal Reserve looks at the following types of bank accounts:

  • Checking
  • Savings
  • Money Market accounts
  • Prepaid debit cards

The average account balance for Americans is $40,200. Since that figure may be thrown off by high-income individuals, the Federal Reserve has calculated that the median account balance of the average American is $4,500.

An average is obtained by adding several figures, and then dividing the sum by the total number of figures.

The median can be determined by arranging a set of numbers from least to greatest, then finding the one that is halfway.

Here's a breakdown of account balances by age:

Average Balances by Age

AgeAverage Balance
Under 35$9,600
35-44$25,000
45-54$41,000
55-64$57,300
55-64$57,300
65-74$68,500
Over 75$51,700

Median Balances by Age

AgeAverage Balance
Under 35$2,600
35-44$3,800
45-54$4,100
55-64$5,400
65-74$8,000
Over 75$10,000

Average Bank Account Balance by Family

Here's how account balances break down by family type:

Average Balance

Family TypeAverage Balance
Single adults with children$11,700
Single adults with no children, under age 55$13,300
Single adults with no children, over age 55$34,400
Couples with children$42,800
Couples without children $66,600

Median Balance

Family TypeAverage Balance
Single adults with children$1,200
Single adults with no children, under age 55 $2,400
Single adults with no children, over age 55$3,000
Couples with children$5,700
Couples without children$9,000

Balances by Occupation

Americans in certain professions may have an easier time saving money due to their higher income.

According to the data from the Federal Reserve:

  • Americans who work in a managerial or professional position have an average bank account balance of $72,700, and a median balance of $11,000.

  • Blue-collar workers in sales, technical, or services industries have an average bank account balance of $20,700 and a median balance of $3,000.

  • Retirees have an average balance of $39,900 and a median bank account balance of $4,300.

Education Level

A person's level of education can have an impact on their income and ability to save. The Federal Reserve surveyed Americans with varying education statuses to calculate the numbers.

Average Balance

Education LevelAverage Balance
No high school diploma$7,600
High school diploma$16,700
Some college$18,900
Associate degree or higher$86,100

Median Balances

Education LevelAverage Balance
No high school diploma$900
High school diploma$2,100
Some college$3,500
Associate degree or higher$15,000

Frequently Asked Questions

How much should the average person have in savings?
You should try to save enough to cover 3–6 months of expenses. To accomplish this, follow the 50/30/20 rule.

Spend 50% of your income on needs and 30% on wants, and put 20% away in savings.

How much money should I save before buying a house?
Try to save at least 20% of the purchase price for a down payment, plus 5% of the loan amount available for closing costs, real estate taxes, and homeowner's insurance.

Make sure to save an extra 3–6 months of expenses to use for unexpected costs. Saving an extra 3% of the home's value can help pay for annual maintenance and repair costs.

How much money should I save for retirement?
As a general rule, you should have 8 times your salary saved by the time you hit 65 years old. The younger you start saving for retirement, the closer you'll be to this benchmark.

For example, at age 30, you should have the amount of your annual salary saved for retirement. By the time you hit 50 years old, the amount saved should be 5 times your annual salary.

Over 50% of Americans have nothing saved for retirement. Those who do have an average balance of $60,000 in their retirement accounts.

Are my savings insured?
The FDIC will insure approved individual bank accounts up to $250,000 and joint accounts up to $500,000.

If you have additional savings, consider opening additional accounts to extend the insurance.

Bottom Line

Create a savings plan as early as possible to give yourself the best chance of achieving your financial goals. You can start by setting aside a percentage of your income to build up your balance.

More from CreditDonkey:


Average Savings Account Interest


How to Close a Bank Account


How to Cash a Check Without a Bank Account

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