Every year, more people want to know how their savings stack up against their neighbors. In 2025, there is finally enough state-level data to get a useful picture of where household cash balances stand.
It’s not perfect. No single federal dataset reports “average savings account balance by state,” but combining several credible sources gives a reliable snapshot.
We prepared a full breakdown of what the numbers actually show, how to read them correctly, and what you can do to improve your own balance in the context of 2025’s financial landscape. Let’s get started.
Key Takeaways
- Hawaii holds the top spot with a median household deposit balance of about $43,600.
- High-cost coastal states like New Jersey, Washington, Massachusetts, and California follow, with medians from the mid-teens to over $21,000.
- Deep South states show the lowest medians. Mississippi households hold around $2,000, and Louisiana around $6,061 in deposit accounts.
- Nationally, the median U.S. household has about $8,000 in transaction accounts, while the mean sits at $62,410 because of outliers.
- Nearly one in four adults has no emergency savings at all in 2025.
- Interest rates matter. The national average savings yield is roughly 61 percent APY, while competitive high-yield accounts pay 4 percent or more.
What the Data Captures
When analysts refer to “deposit account balances” at the state level, they mean cash stored in checking, savings, and money market accounts.
That’s the most practical proxy for liquid savings. It excludes retirement plans, brokerage accounts, and home equity.
For 2025, the SmartAsset study based on Census microdata is the most transparent and current public source of state medians. It reports medians rather than means to avoid the distortion caused by a handful of very large accounts.
The FDIC’s Summary of Deposits helps illustrate where deposits cluster geographically, while Bankrate and the Federal Reserve show national savings and emergency-fund preparedness.
Why Medians Matter More Than Averages
The median tells you what’s typical, while the mean skews upward due to a small number of very large accounts.
If you’re benchmarking yourself, the median is the better reference point. According to Bankrate, in 2025, the national median of $8,000 is a truer reflection of where most households actually stand.
The 2025 State Picture
SmartAsset’s 2025 state list (adjusted to late-2024 dollars) gives the clearest view of where cash balances are highest and lowest.
States with Higher Median Deposit Balances
Higher medians tend to show up in states with higher incomes, more expensive housing, and greater access to mainstream banking.
FDIC deposit data confirms that many coastal and metropolitan areas hold disproportionately large shares of bank deposits, reflecting both income and access.
States with Lower Median Deposit Balances
Two key examples highlight the low end of the spectrum:
- Mississippi: about $2,000 per household (per Visual Capitalist).
- Louisiana: $6,061 per household.
Lower medians often correlate with lower median incomes, higher rates of unbanked or underbanked households, and more income volatility.
The FDIC’s National Survey of Unbanked and Underbanked Households shows these gaps clearly, and they align with lower liquid balances.
States Missing from the Table
Alaska, Delaware, North Dakota, South Dakota, Vermont, and Wyoming are not listed in SmartAsset’s 2025 deposit-balance medians because of microdata gaps.
That’s a limitation of the dataset, not an absence of banking activity.
Why Balances Differ from State to State
Several drivers show up again and again in the data.
1. Income and Industry Mix
States with higher median wages or strong knowledge-economy sectors tend to show higher balances.
For example, Washington’s tech-heavy economy supports a $19,000 median deposit balance.
2. Cost of Living and Housing
High housing costs mean families keep more cash on hand for rent, mortgages, and irregular expenses.
Hawaii illustrates this dynamic: high living costs and large cash buffers go hand in hand.
3. Banking Access
The FDIC’s survey shows unbanked and underbanked rates vary widely.
States with more households outside mainstream banking record lower median balances simply because fewer people have funds in deposit accounts.
4. Income Volatility and Emergency Fund Culture
Households with unstable income streams maintain smaller buffers on average. Federal Reserve research connects job loss and financial shocks to lower liquid balances.
5. Interest Rates and Product Choice
With the national average savings APY at about 0.6 percent and high-yield accounts topping 4 percent in 2025, the choice of product materially affects growth.
Over time, higher yields can shift medians if enough households move cash into better accounts.
Emergency Savings in 2025
Bankrate’s 2025 report shows that fewer than half of U.S. adults can cover three months of expenses from emergency funds.
Nearly one in four adults has no emergency savings at all. Even in states with higher medians, many households fall short of the three- to six-month rule of thumb.
How to Benchmark Yourself Against State Numbers
Before jumping into the numbers, it helps to frame them in a way that makes sense for your own life:
Compare Like to Like
Look at your liquid cash: checking, savings, and money markets, and compare it to your state’s median deposit balance. That’s the closest apples-to-apples match.
Don’t Confuse “Deposit Balance” with “Net Worth”
Net worth includes home equity, retirement accounts, and other assets minus debt. State medians here isolate only deposit accounts.
Anchor to Monthly Expenses
A widely used benchmark is three to six months of expenses in accessible savings. Start with one month if necessary and work up.
Adjust for Local Cost of Living
In high-cost metros, three months of expenses can easily exceed the national median. Hawaii and New Jersey illustrate why larger cash buffers are common in expensive states.
Make Yield Work for You
With rates spread between 0.6 percent and 4 percent, moving cash to higher-yield accounts can significantly change how fast your savings grow.
Practical Ideas to Grow Your Balance in 2025
View this post on Instagram
Small, consistent actions compound faster than most people think, especially when rates are favorable.
1. Move Idle Cash to a High-Yield Account
Compare your APY to the national average. If you’re under 1 percent, you’re likely leaving meaningful interest on the table.
A daily compound interest calculator can help you see exactly how much faster your savings grows when you switch to a higher-yield account.
2. Automate Transfers on Payday
Set a fixed transfer percentage so saving becomes automatic. Bankrate’s 2025 report notes that people who automate tend to build larger buffers over time.
3. Use a Separate “Irregulars” Bucket
Create a second high-yield account for non-monthly expenses like insurance or school fees. It prevents draining your main emergency cushion.
4. Ladder Short-Term CDs
If you don’t need the cash right away, short-term CDs can lock in today’s higher yields for a few months. This helps if rates fall later in 2025.
5. Revisit Your Target Each Year
Your household expenses change over time, so your cash target should too. Aim for one month of expenses at first, then three, then six, updating the actual dollar amount annually.
A Note on Methods and Limitations
Before going any further, it’s worth pausing to explain how the numbers were put together and where their edges show.
Every dataset has quirks, and knowing a bit about the methods behind the figures helps you read the state comparisons with more confidence.
Why SmartAsset’s Study Leads for 2025
SmartAsset offers the most up-to-date, transparent medians by state using Census microdata, adjusted to late-2024 dollars. It’s not a promotional roundup; it cites original sources and shows its math.
Why FDIC Data Doesn’t Give Household Averages
The FDIC’s Summary of Deposits is a branch-level census of bank deposits. It’s excellent for market share and geographic distribution but doesn’t connect directly to household-level averages.
Why the Federal Reserve’s SCF Stops at National Estimates
The Survey of Consumer Finances excels at national and some regional analysis but not at producing reliable state-level medians. That’s why most state-by-state tables come from third-party studies like SmartAsset’s.
Visualizing the Landscape
Visual Capitalist’s 2025 “cash in the bank by state” map reflects the same pattern as SmartAsset’s numbers, with Hawaii at the top and Mississippi at the bottom. Always verify methodology and inflation adjustment dates when reading such visuals.
FAQs
The Bottom Line for 2025
If you’re looking for one benchmark, your state’s median deposit balance is the most meaningful number available in 2025. Across the country, medians range from about $43,600 at the top to $2,000 at the bottom, with most states clustered in the low-to-mid teens.
The national median for transaction accounts remains $8,000, which means if you’re around that figure or steadily building toward it, you’re closer to the middle than you might think. From there, the smartest move is to build a cushion that covers at least three months of your expenses, take advantage of higher-yield savings products, and adjust your goals as your cost of living changes.
Building liquid savings is less about chasing state leaderboards and more about steady progress, product choice, and realistic targets. In 2025, with state-level medians finally transparent, you can benchmark wisely and make interest rates work in your favor.
References
- com - Household Net Worth is Highest in These States – 2025 Study
- gov - Summary of Deposits
- gov - FDIC Releases Results of Summary of Deposits Annual Survey
- com - The average amount in U.S. savings accounts
- vividmaps.com - States Where Americans Have the Most Cash in the Bank
