How Many Bank Accounts Does the Average American Have? (2026)
Surveys put the average American at around five financial accounts across institutions, but most people’s core setup is just two — one checking and one savings account. What is measured authoritatively is access: about 96% of U.S. households have at least one bank account (FDIC), and roughly half keep everything at a single bank.
Key takeaways
- → Surveys suggest ~5 financial accounts per person, but the practical core is two: checking + savings.
- → About 96% of U.S. households are banked (FDIC 2023) — a record high — leaving ~4% unbanked.
- → Nearly all families have a checking account; ownership has risen over the past decade.
- → About half of Americans use a single bank; the rest use two or more.
- → "Accounts" and "banks" are different counts — several accounts can sit at one or two institutions.
- → Unbanked rates are highest in a handful of states and among lower-income households.
- → The median household holds roughly $8,000 across its transaction accounts (Federal Reserve).
Surveys put the average American at around five financial accounts across institutions — but for most people the practical setup is just two: one checking and one savings account. The broad count and the everyday reality are different numbers.
What stands out is how close to universal banking has become. About 96% of U.S. households have a bank account, a record high, leaving roughly 4% unbanked (FDIC). Yet how people spread their money varies — about half keep everything at a single bank, while the rest use two or more.
Accounts vs. banks
“How many bank accounts” can mean two things. Accounts — counting every checking, savings, money market, and similar account — is estimated in surveys at around five per person across institutions. Banks — how many separate institutions you use — is a smaller number: surveys find about half of Americans keep everything at one bank.
The widely cited “~5 accounts” figure comes from an industry survey and counts accounts broadly. For most people, the practical answer is simpler: one checking account and one savings account cover the basics, with extra accounts added for specific goals.
What percentage of Americans have a bank account?
About 96% of U.S. households have at least one bank account — a record high — leaving roughly 4% unbanked, the lowest rate ever recorded, according to the FDIC’s 2023 National Survey. A further 14.2% of households are “underbanked”: they have an account but also rely on nonbank services like check cashing or money orders.
Checking accounts are nearly universal, and ownership has risen over the past decade, driven partly by online-only banks. The unbanked are not spread evenly — rates run highest in a handful of states and are higher among lower-income households.
| Measure | Figure | As of |
|---|---|---|
| Households with a bank account | ~96% | 2023 |
| Unbanked households | ~4% | 2023 |
| Underbanked households | 14.2% | 2023 |
| Median transaction-account balance | $8,000 | 2022 |
How many banks do Americans use?
Account totals are spread across institutions. Surveys find about half of Americans keep their money at a single bank; the rest split across two or more, most commonly two. Several accounts can sit at just one or two institutions, which is why “number of accounts” and “number of banks” are different counts.
How many bank accounts should I have?
There’s no single right answer, but many people are well served by one checking account and one savings account. Extra accounts can help separate goals — an emergency fund, a vacation pot, a down-payment fund — or earn a better savings rate at an online bank. The main things to watch are fees and complexity: more accounts only help if you can keep track of them.
Key facts
- The U.S. banked rate is at a record high near 96%, leaving roughly 4% of households unbanked — the lowest on record (FDIC).
- A further 14.2% of households are underbanked.
- The often-quoted “~5 accounts” figure comes from an industry survey and counts accounts broadly; most people’s core setup is two.
- About half of Americans use one bank; the other half spread across two or more.
- The median U.S. household holds about $8,000 across its transaction accounts (Federal Reserve).
Frequently asked questions
How many bank accounts does the average American have?+
What percentage of Americans have a bank account?+
What's the difference between accounts and banks?+
How many Americans use more than one bank?+
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Sources
- FDIC — 2023 National Survey of Unbanked and Underbanked Households (banked/unbanked/underbanked rates). fdic.gov
- Federal Reserve — Survey of Consumer Finances (checking-account ownership, transaction-account balances). federalreserve.gov
- Federal Reserve — Report on the Economic Well-Being of U.S. Households in 2024: Banking & Credit (banking access). federalreserve.gov
Figures reflect the most recent public data available as of the update date above. Sources occasionally differ by a few points depending on survey and year.