Some advertisements and offers on this page are from advertisers who pay us. That may influence which products we write about, but it does not affect what we write about them. Here's an explanation of how we make money and our Advertiser Disclosure.
Having enough money in your checking account can ensure you have enough cash on hand for bills and emergencies — without triggering overdraft fees when you spend.
While there’s no one-size-fits-all answer to how much money should be in your checking account, it can be helpful — and eye-opening — to learn how much the average family keeps in theirs.
Read on to learn how your checking account balance compares to the average balance by age, income, and education level — and for tips on how to increase that balance regardless of where it is now.
Read more: How much money should you keep in your checking account?
What’s the average checking account balance?
In 2022, families had an average transaction account balance (which includes checking accounts, savings accounts, money market accounts, call accounts, and prepaid debit cards) of $62,410, according to the Federal Reserve’s Survey of Consumer Finances. Meanwhile, the median balance was $8,000.
While the survey data doesn’t drill down to average checking account balances specifically, these numbers provide insight into how much cash a family has immediately available.
Average checking account balance by age
The Fed’s Survey of Consumer Finances examines average transaction account balances by age according to the age of the family’s “reference person.” In 2022 (the most recent data available from the Fed), there was generally a positive correlation between the age of the family’s reference person and the balance of their transactional accounts — with some exceptions.
For families with a reference person younger than 35, the average transaction account balance was $20,540, and the median balance was $5,400. Meanwhile, the average transaction account balance of a family with a reference person aged 75 or older was $82,800, and the median balance was $10,000. The highest average balance ($100,250) belonged to families with a reference person aged 65 to 74.
The following table shows the average transaction account balance for each age group measured.
Average checking account balance by income
Unsurprisingly, transaction account balance also varies by income. The higher a family’s income percentile, the higher their transaction account balance. For example, families below the 20th percentile of income had an average transaction account balance of $7,860, while families from the 90th to 100th percentile had an average balance of $353,030.
The following table shows the average and median transaction account balances for six income percentile ranges.
Average checking account balance by education level
Finally, the average transaction account balance varies by education level. Generally, the more education the reference person in a family has, the higher the family’s transaction account balance.
As the numbers illustrate, having a college degree makes a major difference when it comes to transaction account balance. For example, a family with some college education has an average account balance of $33,410, but a family with a college degree has an average balance of $116,010 — more than three times as much.
The following table shows the average and median transaction account balance based on four levels of education. The level of education refers to the family’s “reference person” as designated by the survey.
Tips for increasing your checking account balance
Regardless of your transaction account balance, you may want to focus on growing it. Having an additional cushion of liquid cash in your checking, savings, and other transaction accounts provides extra comfort and flexibility, helping you pay for unplanned expenses without accruing debt. Additionally, when you have a comfortable amount of liquid cash set aside, you can funnel additional money toward investments, charitable giving, or other priorities.
Here are some tips to boost your checking account or other transaction account balances:
Switch to a fee-free account
Paying bank account fees steadily eats into your balance. If your bank charges monthly fees, switch to a bank that offers fee-free accounts. These are common among online banks, but you can also ask whether it’s possible to waive the fees at your current bank.
Read more: 10 best free checking accounts available today
Earn more interest on your balance
Earning competitive interest on your account balance is one of the easiest ways to increase it over time. Many banks offer high-yield savings accounts, and some even offer interest-bearing checking accounts.
Read more: 10 best high-yield online checking accounts available today
Use a budget to monitor expenses
One way to increase your account balance over time is to be more mindful of your spending. Keeping a budget that helps you track and plan your spending can help. A budget can guide your purchase decisions, ensure you’re saving enough to reach your goals, and alert you to any unintended or unwanted charges.
Read more: Your complete guide to budgeting for 2025
Increase your income
While monitoring what leaves your account is important, so is focusing on the amount that goes in. Aside from budgeting, increasing your income is a fast way to boost your account balances, and there are several ways to do so. Consider negotiating a raise, applying for a higher-paying job, or taking on a side hustle.
Keep in mind that focusing solely on a high checking account balance may not be the best financial move, since maintaining liquid funds is just one component of a solid financial plan. If you prioritize saving or earning interest on your cash, you may focus more on building your savings or money market account balances instead. Similarly, don’t neglect other account types, such as retirement and other investment accounts.
