Many Americans don’t have much money stashed away in their bank accounts. As per the Federal Reserve’s Survey of Consumer Finances, the median balance in Americans’ transaction accounts is just $8,000, including checking, savings, and money market accounts combined.
But the story changes for the wealthiest Americans. You might be surprised to learn how much money they have in the bank. The top 10% of Americans by net worth hold a whopping $128,000 in their bank accounts, which is 16 times more than the average American.
Here’s a sneak peek into Americans’ median account balances based on their net worth percentile:
– 90–100: $128,000
– 75–89.9: $41,500
– 50–74.9: $13,000
– 25–49.9: $4,380
– Less than 25: $1,000
Bank account balances are a significant indicator of wealth distribution in the U.S. The top 10% and 25% have substantial funds in their checking and savings accounts, whereas the bottom 50% struggle to maintain a balance of $1,000 to $4,380.
If you’re looking to set your own financial goals and boost your savings, consider the following high-yield savings accounts for 2024:
– American Express® High Yield Savings: APY 4.25%
– UFB Portfolio Savings Account: APY 5.15%
– Western Alliance Bank High-Yield Savings Premier: APY 5.31%
To achieve a healthy balance in your accounts, it’s crucial to save diligently and set aside funds for emergencies and future expenses. Focus on building your savings gradually by automating transfers, breaking down goals into manageable chunks, minimizing expenses, and utilizing high-yield savings accounts for optimal returns.
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