American Households’ Savings Fell 32.5% Over Past 5 Years

Key findings

American households’ savings account balances have plummeted since 2019. The average household savings account balance in 2023 was $54,150, down 32.5% from $80,203 in 2019. This plunge was led by a 39.3% decrease between 2021 and 2022.
Households in every state saw their average savings account balances decrease. The declines from 2019 to 2023 were highest in Illinois (44.2%), Oklahoma (43.7%) and New Jersey (41.6%) and lowest in Maine (4.7%), Arizona (4.9%) and Vermont (14.4%).
Western states have the highest average household savings account balances. Six top the list, led by Hawaii ($73,053), Washington ($67,893) and Colorado ($67,415). The lowest balances are in Mississippi ($42,689), Arkansas ($43,264) and Indiana ($43,864).
Three of the biggest U.S. metros saw the largest average household savings account balance decreases. They were Miami (53.0%), Los Angeles (49.2%) and Chicago (48.3%). Just three of the 100 largest metros with available data saw increases.
Half of the 10 metros with the highest average household savings account balances are in California. San Jose leads at $78,331, ahead of Oxnard ($77,080) and San Francisco ($76,703). Sacramento and San Diego join at No. 9 and 10, respectively.
Nearly 3 in 4 U.S. households have savings accounts. 73.9% of households have them nationally, led by New Hampshire (78.8%), Hawaii (77.1%), and Massachusetts, Connecticut and Vermont (tied at 76.7%).

American households’ savings account balances have plummeted

Nest egg, rainy-day fund, emergency account. Call it what you will, but if there’s one thing financial experts agree on, it’s that having savings is crucial. It can help save you from going into debt when something unexpected occurs and provide peace of mind. Building and maintaining a savings account can be easier said than done, as Americans have seen in recent years.

According to a DepositAccounts analysis of S&P Global Market Intelligence data, there has been a huge drain from U.S. household savings account balances (including money market account balances) since 2019, when the average was $80,203. By 2023, the average was $54,150 — a 32.5% drop.

The coronavirus pandemic clearly played a role since the most significant year-over-year drop in this period was 39.3% between 2021 and 2022. During the first two years of the pandemic (2020 and 2021), when people were staying home more, spending less and receiving federal stimulus payments, the average household account balance increased — by 5.0% in 2020 and by 2.2% in 2021. But as life (and spending) resumed and inflation crept up, Americans drew on their savings.

“The savings rates we saw during the pandemic were so above and beyond what’s typical that there was just no way they were sustainable,” says Matt Schulz, LendingTree chief credit analyst and author of “Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life.” “In recent years, as inflation spiked, high prices unquestionably played a role in driving savings rates down even further. Prices squeezed consumers in such a way that tough decisions had to be made. In many cases, people weren't able to devote as much money to savings as they had in recent years.”

He says that was OK for a while in some cases because many people had built up such large savings during the pandemic and afterward. That meant they had a little more cushion than usual, at least at the beginning of the inflation boom. Eventually, high prices ate away at those cushions for many people, leaving them in a precarious position.

Average household savings account balances (nationally)
Year	Average household savings account balances	YoY % change
2019	$80,203	N/A
2020	$84,228	5.0%
2021	$86,065	2.2%
2022	$52,235	-39.3%
2023	$54,150	3.7%
Source: DepositAccounts analysis of S&P Global Market Intelligence data.

Balances have shown signs of rebounding, however. After the big dip in 2022, the average household savings account balance increased by 3.7% in 2023.

Related: Best savings and checking account bonus offers

Households in every state saw savings account balances decline

Shrinking savings haven’t been limited to certain sections of the country.

In fact, every state saw its average household savings account balance decline between 2019 and 2023. Some states saw more significant declines than others. Illinois (44.2%), Oklahoma (43.7%) and New Jersey (41.6%) led the way with the biggest decreases in the studied period.

A state’s economy is a significant contributor. According to a December 2021 Politico report that ranked how each state fared in the pandemic on various fronts, each ranked low economically in a metric analyzing state gross domestic product (GDP), unemployment and jobs.

For example, Illinois scored 28 out of 100, with a 3.8% average quarter-over-quarter decrease in state GDP, a 124.7% average month-over-month increase in unemployment and a 7.3% average month-over-month decline in jobs — all comparing 2020 and 2021 to 2019. Oklahoma scored 47 out of 100, while New Jersey scored just 20 out of 100.

Decrease in average household savings account balances (by state)
Rank	State	Average household savings account balances, 2019	Average household savings account balances, 2023	% change
1	Illinois	$87,906	$49,017	-44.2%
2	Oklahoma	$80,896	$45,513	-43.7%
3	New Jersey	$111,048	$64,907	-41.6%
4	North Dakota	$77,050	$45,101	-41.5%
5	New York	$95,907	$56,738	-40.8%
6	Alaska	$110,436	$65,659	-40.5%
7	California	$109,943	$66,561	-39.5%
8	Florida	$82,503	$50,728	-38.5%
9	Kansas	$70,113	$45,523	-35.1%
10	South Dakota	$71,164	$46,365	-34.8%
11	Wyoming	$95,594	$62,558	-34.6%
12	Connecticut	$96,350	$63,302	-34.3%
12	Iowa	$70,096	$46,060	-34.3%
14	Indiana	$66,362	$43,864	-33.9%
15	Idaho	$88,122	$58,573	-33.5%
16	Oregon	$94,103	$62,780	-33.3%
17	Montana	$88,047	$59,019	-33.0%
18	Texas	$72,100	$48,814	-32.3%
19	West Virginia	$67,190	$45,543	-32.2%
20	Michigan	$67,059	$45,786	-31.7%
21	Wisconsin	$67,734	$46,318	-31.6%
22	Nebraska	$66,657	$46,045	-30.9%
23	Mississippi	$61,594	$42,689	-30.7%
24	Arkansas	$61,916	$43,264	-30.1%
25	Alabama	$66,732	$46,891	-29.7%
26	Utah	$92,777	$65,285	-29.6%
27	Colorado	$95,457	$67,415	-29.4%
27	Missouri	$62,312	$43,967	-29.4%
29	Minnesota	$72,864	$51,509	-29.3%
30	Virginia	$80,929	$57,787	-28.6%
31	Maryland	$86,141	$61,556	-28.5%
32	Louisiana	$62,409	$45,072	-27.8%
33	Washington	$93,628	$67,893	-27.5%
34	Georgia	$67,648	$49,655	-26.6%
35	District of Columbia	$71,842	$52,788	-26.5%
36	Kentucky	$61,679	$45,534	-26.2%
37	North Carolina	$64,684	$48,010	-25.8%
38	Ohio	$59,664	$44,408	-25.6%
39	Hawaii	$97,974	$73,053	-25.4%
40	Tennessee	$62,565	$47,298	-24.4%
41	Delaware	$75,006	$57,889	-22.8%
42	South Carolina	$63,191	$49,388	-21.8%
43	New Mexico	$71,133	$55,818	-21.5%
44	Massachusetts	$80,306	$63,967	-20.3%
45	New Hampshire	$79,188	$63,639	-19.6%
46	Rhode Island	$70,002	$57,704	-17.6%
47	Pennsylvania	$65,312	$55,348	-15.3%
48	Nevada	$68,665	$58,615	-14.6%
49	Vermont	$68,396	$58,532	-14.4%
50	Arizona	$64,909	$61,710	-4.9%
51	Maine	$58,176	$55,465	-4.7%
Source: DepositAccounts analysis of S&P Global Market Intelligence data.

Other states saw much smaller declines in their average household savings account balances, with Maine (4.7%), Arizona (4.9%) and Vermont (14.4%) rounding out the bottom three. Lower unemployment rates and stronger state economies surely played a role.

Maine scored 58 out of 100 in the aforementioned Politico metric, while Arizona scored 81 out of 100. Vermont scored just 29 out of 100; however, all three states have heavy populations of those 65 and older, who are less likely to be affected financially by unemployment and job shifts.

Western states have highest average household savings account balances

Geographically, Western states’ household savings account balances carry the most weight, with six topping the list — Hawaii ($73,053), Washington ($67,893), Colorado ($67,415), California ($66,561), Alaska ($65,659) and Utah ($65,285).

Related: Checking and savings account complaints increased by 31.9% in 2023

It could have to do with higher incomes in these states. Most of these states ranked relatively high in 2023 for per-capita personal income, according to the U.S. Economic Development Administration: Hawaii (27th), Washington (eighth), Colorado (ninth), California (seventh), Alaska (17th) and Utah (32nd).

Highest/lowest average household savings account balances (by state)
Rank	State	Average household savings account balances, 2023
1	Hawaii	$73,053
2	Washington	$67,893
3	Colorado	$67,415
4	California	$66,561
5	Alaska	$65,659
6	Utah	$65,285
7	New Jersey	$64,907
8	Massachusetts	$63,967
9	New Hampshire	$63,639
10	Connecticut	$63,302
11	Oregon	$62,780
12	Wyoming	$62,558
13	Arizona	$61,710
14	Maryland	$61,556
15	Montana	$59,019
16	Nevada	$58,615
17	Idaho	$58,573
18	Vermont	$58,532
19	Delaware	$57,889
20	Virginia	$57,787
21	Rhode Island	$57,704
22	New York	$56,738
23	New Mexico	$55,818
24	Maine	$55,465
25	Pennsylvania	$55,348
26	District of Columbia	$52,788
27	Minnesota	$51,509
28	Florida	$50,728
29	Georgia	$49,655
30	South Carolina	$49,388
31	Illinois	$49,017
32	Texas	$48,814
33	North Carolina	$48,010
34	Tennessee	$47,298
35	Alabama	$46,891
36	South Dakota	$46,365
37	Wisconsin	$46,318
38	Iowa	$46,060
39	Nebraska	$46,045
40	Michigan	$45,786
41	West Virginia	$45,543
42	Kentucky	$45,534
43	Kansas	$45,523
44	Oklahoma	$45,513
45	North Dakota	$45,101
46	Louisiana	$45,072
47	Ohio	$44,408
48	Missouri	$43,967
49	Indiana	$43,864
50	Arkansas	$43,264
51	Mississippi	$42,689
Source: DepositAccounts analysis of S&P Global Market Intelligence data.

Conversely, the lowest balances can be found primarily in the South and Midwest, with Mississippi ($42,689), Arkansas ($43,264) and Indiana ($43,864) taking the bottom three spots. These states tend to have lower average incomes. In 2023, Mississippi ranked last for per-capita personal income. Arkansas ranked 45th, while Indiana ranked 39th.

3 of biggest metros see largest average household savings account balance decreases

The bigger the metro, the bigger the recent savings drain? So it would (mainly) seem. When we looked at data from the 100 largest U.S. metros (excluding Dayton and Cleveland in Ohio and Poughkeepsie in New York due to data availability), three of the biggest U.S. metros topped the list for the largest average household savings account balance decreases:

Miami, the eighth most populous (53.0%)
Los Angeles, the second most populous (49.2%)
Chicago, the third most populous (48.3%)

Cost of living likely plays a large role, as all three consistently rank among the highest. Currently, the cost of living in Miami is 19% higher than the national average, according to PayScale. It’s 50% higher than the national average in Los Angeles and 14% higher in Chicago.

Biggest decreases/increases in average household savings account balances (by metro)
Rank	Metro	Average household savings account balances, 2019	Average household savings account balances, 2023	% change
1	Miami, FL	$105,194	$49,479	-53.0%
2	Los Angeles, CA	$125,469	$63,710	-49.2%
3	Chicago, IL	$97,138	$50,184	-48.3%
4	Oklahoma City, OK	$92,206	$47,952	-48.0%
5	Tulsa, OK	$88,997	$47,165	-47.0%
6	New York, NY	$111,006	$60,198	-45.8%
7	Wichita, KS	$78,731	$42,875	-45.5%
8	Dallas, TX	$91,700	$51,516	-43.8%
8	Orlando, FL	$84,399	$47,474	-43.8%
10	San Francisco, CA	$135,045	$76,703	-43.2%
11	Tampa, FL	$84,913	$49,066	-42.2%
12	Ogden, UT	$114,786	$68,196	-40.6%
13	Fayetteville, AR	$75,835	$45,416	-40.1%
14	Buffalo, NY	$86,383	$52,924	-38.7%
15	Syracuse, NY	$88,209	$54,173	-38.6%
16	Bridgeport, CT	$109,573	$68,624	-37.4%
17	Hartford, CT	$98,331	$62,208	-36.7%
18	Rochester, NY	$85,360	$54,624	-36.0%
19	Spokane, WA	$91,091	$58,830	-35.4%
20	Albany, NY	$94,908	$61,400	-35.3%
21	Portland, OR	$103,038	$66,755	-35.2%
21	Lexington, KY	$75,432	$48,842	-35.2%
23	New Haven, CT	$90,958	$59,019	-35.1%
24	Winston-Salem, NC	$69,352	$46,118	-33.5%
24	Stockton, CA	$90,918	$60,454	-33.5%
26	San Jose, CA	$117,678	$78,331	-33.4%
27	Reno, NV	$96,589	$65,211	-32.5%
28	Boise, ID	$91,417	$61,855	-32.3%
28	Bakersfield, CA	$77,253	$52,324	-32.3%
30	Riverside, CA	$92,894	$63,035	-32.1%
31	Fresno, CA	$80,078	$54,478	-32.0%
32	Grand Rapids, MI	$66,773	$45,941	-31.2%
33	Baltimore, MD	$84,216	$60,127	-28.6%
33	Oxnard, CA	$107,977	$77,080	-28.6%
35	Washington, DC	$91,080	$65,281	-28.3%
36	Colorado Springs, CO	$88,519	$63,911	-27.8%
37	Denver, CO	$96,066	$69,488	-27.7%
38	Detroit, MI	$64,898	$47,581	-26.7%
39	Kansas City, MO	$64,877	$47,866	-26.2%
40	Des Moines, IA	$64,261	$47,481	-26.1%
41	Virginia Beach, VA	$71,785	$53,664	-25.2%
41	Richmond, VA	$73,807	$55,204	-25.2%
43	Houston, TX	$66,573	$50,011	-24.9%
43	Minneapolis, MN	$71,541	$53,707	-24.9%
45	St. Louis, MO	$65,384	$49,296	-24.6%
46	Madison, WI	$65,764	$49,636	-24.5%
47	Charlotte, NC	$66,212	$50,225	-24.1%
48	Atlanta, GA	$69,340	$53,116	-23.4%
48	Columbus, OH	$60,701	$46,499	-23.4%
50	Jackson, MS	$58,516	$45,010	-23.1%
51	Omaha, NE	$61,977	$47,772	-22.9%
52	San Diego, CA	$87,000	$67,193	-22.8%
53	Seattle, WA	$91,263	$70,883	-22.3%
53	Nashville, TN	$66,540	$51,705	-22.3%
53	Toledo, OH	$54,365	$42,217	-22.3%
56	Worcester, MA	$77,768	$60,608	-22.1%
57	Sacramento, CA	$86,736	$67,674	-22.0%
58	Honolulu, HI	$94,845	$74,047	-21.9%
59	Indianapolis, IN	$58,559	$45,786	-21.8%
60	Milwaukee, WI	$59,342	$46,460	-21.7%
61	Lakeland, FL	$56,011	$43,913	-21.6%
62	Boston, MA	$83,264	$65,800	-21.0%
63	Raleigh, NC	$68,431	$54,729	-20.0%
64	Providence, RI	$72,020	$57,807	-19.7%
65	Baton Rouge, LA	$61,180	$49,376	-19.3%
66	Memphis, TN	$58,235	$47,045	-19.2%
67	Jacksonville, FL	$64,661	$52,464	-18.9%
68	Akron, OH	$54,425	$44,215	-18.8%
69	Greenville, SC	$59,708	$48,559	-18.7%
70	Knoxville, TN	$60,584	$49,545	-18.2%
71	Little Rock, AR	$56,309	$46,378	-17.6%
72	San Antonio, TX	$57,682	$47,795	-17.1%
73	El Paso, TX	$45,379	$37,697	-16.9%
74	Palm Bay, FL	$63,664	$52,977	-16.8%
75	Austin, TX	$65,436	$54,617	-16.5%
76	McAllen, TX	$42,448	$35,480	-16.4%
76	Chattanooga, TN	$56,863	$47,533	-16.4%
78	Deltona, FL	$59,762	$50,195	-16.0%
79	Philadelphia, PA	$71,483	$60,127	-15.9%
79	Cincinnati, OH	$59,419	$49,955	-15.9%
81	Birmingham, AL	$59,058	$49,721	-15.8%
82	Columbia, SC	$57,587	$48,814	-15.2%
83	New Orleans, LA	$55,467	$47,496	-14.4%
84	Allentown, PA	$67,816	$58,528	-13.7%
85	Charleston, SC	$61,876	$53,824	-13.0%
86	Greensboro, NC	$50,774	$44,347	-12.7%
87	Augusta, GA	$55,543	$48,733	-12.3%
88	Harrisburg, PA	$64,078	$56,444	-11.9%
89	Pittsburgh, PA	$62,744	$55,322	-11.8%
90	Louisville, KY	$55,444	$48,956	-11.7%
91	North Port, FL	$69,388	$61,346	-11.6%
92	Scranton, PA	$56,010	$49,665	-11.3%
93	Durham, NC	$59,621	$52,980	-11.1%
94	Cape Coral, FL	$64,216	$57,536	-10.4%
95	Salt Lake City, UT	$73,464	$66,705	-9.2%
96	Las Vegas, NV	$58,883	$56,328	-4.3%
97	Albuquerque, NM	$60,098	$59,283	-1.4%
98	Phoenix, AZ	$62,439	$63,788	2.2%
99	Tucson, AZ	$57,601	$59,356	3.0%
100	Portland, ME	$56,704	$60,868	7.3%
Source: DepositAccounts analysis of S&P Global Market Intelligence data.

Just three of the 100 largest U.S. metros with available data saw increases in the average household savings account balance: Portland, Maine (7.3%), Tucson, Ariz. (3.0%), and Phoenix (2.2%).

While Portland (93rd most populous) and Tucson (52nd most populous) have significantly fewer households than those with the highest savings account balance decreases, Phoenix is the 11th most populous metro studied.

So the size correlation doesn’t stand across the board, but it largely leans that way. Also, the cost of living in Phoenix is only 4% higher than the national average. That’s considerably lower than those of other bigger metros that saw the biggest decreases in savings account balances.

California metros dominate with highest average household savings account balances

California carries many of the highest average household savings account balances in the country. In fact, half of the top 10 metros with the highest balances are in the Golden State. San Jose takes the top spot at $78,331, followed by Oxnard ($77,080) and San Francisco ($76,703).

Sacramento and San Diego rank 9th and 10th on the list, respectively.

Again, this likely can be attributed to higher incomes in these areas due to jobs in technology and other higher-paying industries.

Highest/lowest average household savings account balances (by metro)
Rank	Metro	Average household savings account balances, 2023
1	San Jose, CA	$78,331
2	Oxnard, CA	$77,080
3	San Francisco, CA	$76,703
4	Honolulu, HI	$74,047
5	Seattle, WA	$70,883
6	Denver, CO	$69,488
7	Bridgeport, CT	$68,624
8	Ogden, UT	$68,196
9	Sacramento, CA	$67,674
10	San Diego, CA	$67,193
11	Portland, OR	$66,755
12	Salt Lake City, UT	$66,705
13	Boston, MA	$65,800
14	Washington, DC	$65,281
15	Reno, NV	$65,211
16	Colorado Springs, CO	$63,911
17	Phoenix, AZ	$63,788
18	Los Angeles, CA	$63,710
19	Riverside, CA	$63,035
20	Hartford, CT	$62,208
21	Boise, ID	$61,855
22	Albany, NY	$61,400
23	North Port, FL	$61,346
24	Portland, ME	$60,868
25	Worcester, MA	$60,608
26	Stockton, CA	$60,454
27	New York, NY	$60,198
28	Philadelphia, PA	$60,127
28	Baltimore, MD	$60,127
30	Tucson, AZ	$59,356
31	Albuquerque, NM	$59,283
32	New Haven, CT	$59,019
33	Spokane, WA	$58,830
34	Allentown, PA	$58,528
35	Providence, RI	$57,807
36	Cape Coral, FL	$57,536
37	Harrisburg, PA	$56,444
38	Las Vegas, NV	$56,328
39	Pittsburgh, PA	$55,322
40	Richmond, VA	$55,204
41	Raleigh, NC	$54,729
42	Rochester, NY	$54,624
43	Austin, TX	$54,617
44	Fresno, CA	$54,478
45	Syracuse, NY	$54,173
46	Charleston, SC	$53,824
47	Minneapolis, MN	$53,707
48	Virginia Beach, VA	$53,664
49	Atlanta, GA	$53,116
50	Durham, NC	$52,980
51	Palm Bay, FL	$52,977
52	Buffalo, NY	$52,924
53	Jacksonville, FL	$52,464
54	Bakersfield, CA	$52,324
55	Nashville, TN	$51,705
56	Dallas, TX	$51,516
57	Charlotte, NC	$50,225
58	Deltona, FL	$50,195
59	Chicago, IL	$50,184
60	Houston, TX	$50,011
61	Cincinnati, OH	$49,955
62	Birmingham, AL	$49,721
63	Scranton, PA	$49,665
64	Madison, WI	$49,636
65	Knoxville, TN	$49,545
66	Miami, FL	$49,479
67	Baton Rouge, LA	$49,376
68	St. Louis, MO	$49,296
69	Tampa, FL	$49,066
70	Louisville, KY	$48,956
71	Lexington, KY	$48,842
72	Columbia, SC	$48,814
73	Augusta, GA	$48,733
74	Greenville, SC	$48,559
75	Oklahoma City, OK	$47,952
76	Kansas City, MO	$47,866
77	San Antonio, TX	$47,795
78	Omaha, NE	$47,772
79	Detroit, MI	$47,581
80	Chattanooga, TN	$47,533
81	New Orleans, LA	$47,496
82	Des Moines, IA	$47,481
83	Orlando, FL	$47,474
84	Tulsa, OK	$47,165
85	Memphis, TN	$47,045
86	Columbus, OH	$46,499
87	Milwaukee, WI	$46,460
88	Little Rock, AR	$46,378
89	Winston-Salem, NC	$46,118
90	Grand Rapids, MI	$45,941
91	Indianapolis, IN	$45,786
92	Fayetteville, AR	$45,416
93	Jackson, MS	$45,010
94	Greensboro, NC	$44,347
95	Akron, OH	$44,215
96	Lakeland, FL	$43,913
97	Wichita, KS	$42,875
98	Toledo, OH	$42,217
99	El Paso, TX	$37,697
100	McAllen, TX	$35,480
Source: DepositAccounts analysis of S&P Global Market Intelligence data.

At the bottom of the list are two Texas metros — McAllen ($35,480) and El Paso ($37,697) — followed by Toledo, Ohio ($42,217).

People in these metros may not need as much savings either. For example, the cost of living is 17% lower than the national average in McAllen and 12% lower in El Paso.

States where savings accounts are most/least common

Some savings is better than no savings, and most U.S. households (73.9%) do, in fact, have a savings account.

“While it would be amazing if everyone had a savings account, the fact that nearly 3 in 4 American households have one is still pretty good,” Schulz says. “That means that the vast majority of Americans have a place to put some money away when they have the opportunity.”

Some states’ residents are more likely to have one than others. New Hampshire leads the way, with 78.8% of its households having a savings account. The Granite State is followed by Hawaii, at 77.1%, and Massachusetts, Connecticut and Vermont, each at 76.7%.

Highest/lowest percentage of households with savings (by state)
Rank	State	Percentage of households with savings
1	New Hampshire	78.8%
2	Hawaii	77.1%
3	Massachusetts	76.7%
3	Connecticut	76.7%
3	Vermont	76.7%
6	Rhode Island	76.6%
7	Washington	76.4%
8	New Jersey	76.0%
8	Minnesota	76.0%
10	Alaska	75.9%
11	Wisconsin	75.6%
12	Pennsylvania	75.4%
13	California	75.3%
13	Michigan	75.3%
15	Virginia	75.2%
15	Nevada	75.2%
17	Maryland	75.1%
18	Idaho	75.0%
19	Montana	74.9%
19	Iowa	74.9%
21	Illinois	74.8%
22	Oregon	74.5%
23	Colorado	74.4%
23	Maine	74.4%
23	Indiana	74.4%
26	Wyoming	74.3%
26	New York	74.3%
26	Kansas	74.3%
29	Utah	74.2%
29	Ohio	74.2%
31	Missouri	74.0%
32	Arizona	73.9%
33	Nebraska	73.8%
34	North Dakota	73.6%
35	Delaware	73.5%
36	Georgia	73.1%
37	Florida	72.8%
38	South Dakota	72.7%
39	New Mexico	72.4%
40	Alabama	72.2%
41	West Virginia	72.1%
42	South Carolina	71.9%
43	North Carolina	71.6%
43	Oklahoma	71.6%
45	Tennessee	71.4%
45	Louisiana	71.4%
47	Kentucky	71.1%
48	Texas	71.0%
48	Arkansas	71.0%
50	Mississippi	70.8%
51	District of Columbia	69.1%
Source: DepositAccounts analysis of S&P Global Market Intelligence data.

Washington, D.C., takes the bottom spot, with 69.1% of households having one. Interestingly, D.C. also takes the top spot for the biggest decrease in the number of households with savings accounts between 2019 and 2023 (11.3%).

The nation’s capital is followed by Mississippi (70.8%) and Arkansas and Texas (tied at 71.0%) for the states with the lowest percentage of households with savings accounts. However, Mississippi and Arkansas saw an increase in the number of savings accounts during that time. In Texas, there was no change.

6 tips to manage your savings account

Saving money takes work, but there are strategies to help make your money work harder for you. Here are six tips to help boost and manage your savings account.

Make sure you know the details about the account before you sign up. It isn't just the interest rate to consider when looking for a savings account. It’s also important to explore any fees that may be associated with the account, as well as whether there’s a minimum balance requirement and other limitations and nuances.
Shop around. Not all savings accounts are created equal. If you haven’t at least shopped around for a high-yield savings account in the past year or two, Schulz says you've likely left some potential earnings on the table — the last thing anyone needs to do. “While the recent Fed rate cuts mean that savings account returns have almost certainly peaked, it’s still worth looking into a high-yield savings account,” he says. “After all, rates aren't going to go from awesome to awful overnight, and they’ll still likely offer better rates than the big traditional banks anyway.”
Automate savings. If you tend to spend your money before depositing it into your savings account, let technology do it for you. Set a specific amount to be automatically deposited on a regular basis so it never even enters your checking account.
Know it's not too late. If you haven't moved to a high-yield savings account, you've missed the highest returns in years, but that doesn't mean you shouldn't still move. The differences in yields between online high-yield savings accounts and savings accounts from traditional banks can be significant, so shopping around is worth the effort.
Budget. You may have to reassess your priorities, but most people can find ways to cut costs and save more. Mapping out a budget that aligns with your goals and using budgeting tools, such as apps, can help keep you on track.
Don’t save too much. Once your savings accounts reach a certain level, it makes sense to put your money elsewhere. Things like paying down debt or investing in your retirement can be prioritized after you reach your savings goals.

Methodology

LendingTree researchers analyzed S&P Global Market Intelligence data to compare average household savings account balances from 2019 to 2023. (Per S&P Global Market Intelligence, this savings data includes money market accounts.)

Data was collected for the 50 states and the District of Columbia, as well as the 100 largest metros where data was available. (We omitted Dayton, Ohio, Cleveland and Poughkeepsie, N.Y., due to data availability.)

We utilized U.S. Census Bureau 2023 American Community Survey with one-year estimates data to calculate the percentage of households in each state with savings accounts.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.

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