Your bank is the place to keep cash that you plan to spend soon. It’s also an excellent choice for emergency savings, since the funds are easy to access when you need them. But it’s hard to know how much to keep in the bank. While comparisons sometimes promote unhealthy behavior, knowing what other people do with their money may be helpful—especially if you drill down into the details.
What Is the Average Bank Account Balance?
The Federal Reserve gathers information about income, debt, assets, and other financial details in the Survey of Consumer Finances (SCF). The most recent SCF, from 2016, measures holdings in checking accounts, savings accounts, money market accounts, and prepaid debit cards.