How Much Money Do Americans Have in Their Bank Accounts in 2025?
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Gabrielle Olya
4 min read
Americans are under immense financial pressure. While inflation is evening out, prices for many everyday expenses remain high, and high interest rates are leading to larger mortgage and car payments for many consumers. With the cost of living so elevated, many Americans are living paycheck to paycheck, and may not be able to keep as much money in their bank accounts as they should.
To better understand how the current economy is impacting Americans’ bottom line, GOBankingRates surveyed more than 1,000 adults from all across the country to find out how much Americans have in their savings and checking accounts — and the results were alarming. Here’s what we discovered.
Key Findings
Half of Americans have less than $500 in savings, with 39% having $250 or less in savings.
The largest portion of Americans (40%) keep a minimum balance of $500 or less in their checking account.
Most Americans are stressed about their current savings. Over a quarter (29%) are “extremely stressed” and 37% are “somewhat stressed.”
Most Americans Have Insufficient Savings
Experts recommend having three to six months’ worth of living expenses saved as an emergency fund, but most Americans are falling far short of this goal. While a quarter of Americans (25%) have $2,000 or more in a savings account, most have far less — 19% have no savings, 21% have between $1 and $250, and 11% have between $250 and $500.
Older Gen Zers and young millennials (ages 25 to 34) are the most likely to have no savings, with 23% of this age group reporting that they have nothing saved. Baby boomers ages 65+ are the most likely to have sufficient savings, with 42% having over $2,000 in a savings account.
More than 40% of Americans admit to keeping a minimum balance of $500 or less in their checking accounts. Gen X is the most likely generation to keep low checking account balances, with 49% of Americans ages 45 to 54 keeping a minimum balance of $500 or less. Baby boomers age 65+ are most likely to keep higher minimum balances, with 21% keeping a minimum balance of at least $2,000.
With many Americans keeping low balances in their checking account, it’s not too surprising that over a third of Americans have had an overdraft on their account in the past year. While 24% said they have “rarely” had an overdraft, another 11% said it happened multiple times.
Americans Are Stressed About Their Savings
With half of Americans having $500 or less in savings, it’s no wonder that many Americans are stressed about their bank account balance. The survey found that 29% are “extremely stressed” about their current savings and 37% are “somewhat stressed.”
Millennials and Gen X are most likely to be “extremely stressed” about their current savings, with 35% of those ages 35 to 44 and 36% of those ages 45 to 54 selecting this response. Baby boomers ages 65+ are most likely to be confident about their savings, with 19% feeling confident. As the generation most likely to have over $2,000 in savings, this confidence is warranted.
How Much Should You Have in Your Savings and Checking Accounts?
The exact amount of cash you should keep in your savings and checking accounts will vary from person to person.
“The right checking and savings balances are unique to your financial situation,” said Seth Diener, client portfolio manager and team lead at Diener Money Management. “Assess your expenses, income stability and risk tolerance to determine how much you feel comfortable keeping readily available.”
While the exact amounts needed will depend on the individual, it’s likely that the $500 or less many Americans keep in these accounts is not enough.
“Try to have three to six months of living expenses in a savings account for an emergency fund,” Diener said. “This helps cover unexpected costs without going into debt. If you have under three months of expenses saved, make building up your emergency fund a priority. Even small, regular contributions help grow your savings over time.”
As for your checking account, you should have more than enough to cover your monthly expenses.
“Aim to keep one to two months of living expenses in your checking account as a buffer,” Diener said. “This helps avoid overdraft fees and having to transfer from savings frequently.”
Methodology: GOBankingRates surveyed 1,006 Americans ages 18 and older across the country between Dec. 6 and Dec. 9, 2024, asking 24 different questions: (1) What is your preferred method of banking?; (2) How optimistic are you that you will add more than $2,000 to your savings account balance over the next year?; (3) How much do you anticipate your savings account balance to change over the next year?; (4) How would you characterize your current level of stress when it comes to your current savings?; (5) How much is the minimum balance you keep in your checking account?; (6) How much do you currently have in your savings account?; (7) How much of your paycheck do you put in your checking account?; (8) How much of your paycheck do you put into your savings account?; (9) How satisfied are you with your current bank?; (10) What’s the worst part about your current banking situation?; (11) If you could change one thing about your current banking situation, what would it be?; (12) Which of the following bank accounts do you currently use/have open? (Select all that apply); (13) Which type of banking account do you trust the most to keep your money safe?; (14) Which type of banking account do you trust the LEAST to keep your money safe?; (15) Do you trust digital banks (neobanks, online-only banks) as much as traditional banks with physical branches?; (16) In the past year, how often have you written a physical check?; (17) When was the last time you chose to visit your bank in-person?; (18) Are you concerned about the rising number of physical bank branches that have shut down in the past few years?; (19) Have you had an overdraft on your checking account in the past year?; (20) How much cash do you keep at home?; (21) Do you believe the current banking system needs to change?; (22) Do you believe the current banking system benefits the rich more than the middle class or lower middle class?; (23) Do you believe the current U.S. banking system is unfair to Americans of lower economic status?; and (24) How have the results of the 2024 presidential election affected your financial outlook going into 2025 and beyond?. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
