Average Checking Account Balance

Adam McCann, WalletHub Financial WriterFeb 24, 2025

Adam McCann, WalletHub Financial Writer
Feb 24, 2025

Both the mean and median household checking account balances in the U.S. have shown a general upward trend over the years, with fluctuations occurring between periods of economic growth and recession. Below, you can see how average checking account balances vary across income brackets, age groups, education levels, and racial backgrounds.

These statistics highlight the diverse financial circumstances experienced by households across the United States, offering insights into the broader economic landscape. The data below is adjusted for inflation as of the latest year for which data is available, which is 2022.

Key Stats

Average checking account balance: $16,891
Median checking account balance: $2,800
Income group with highest balance: 90–100^th percentile (average balance of $75,997)
Age group with highest balance: 65 – 74 years (average balance of $24,409)

Table of Contents

Checking Account Balance Over Time

The average checking account balance increased by approximately 180% from 1989 to 2022, while the median balance increased by approximately 143%.

Year	Mean	Median
2022	$16,891	$2,800
2019	$12,308	$2,318
2016	$11,452	$2,097
2013	$10,258	$1,909
2010	$7,749	$1,543
2007	$6,715	$1,717
2004	$7,877	$1,571
2001	$6,672	$1,674
1998	$5,916	$1,513
1995	$5,199	$1,548
1992	$4,607	$1,036
1989	$6,029	$1,153

Note: Data based on surveys conducted every three years.

(Source: Survey of Consumer Finances, Federal Reserve Board, 2023)

Checking Account Balance by Income

The average checking account balance for the highest income bracket in 2022 is approximately 23 times larger than that of the lowest income bracket.

Income Percentile	Average Income	Average Checking Account Balance	Median Checking Account Balance
0% to 20%	$34,600	$3,314	$300
20% to 39.9%	$59,500	$5,810	$1,150
40% to 59.9%	$73,400	$8,758	$3,000
60% to 79.9%	$91,900	$15,245	$4,800
80% to 89.9%	$153,100	$26,633	$8,140
90% to 100%	$245,400	$75,997	$22,000

(Source: Survey of Consumer Finances, Federal Reserve Board, 2023)

Checking Account Balance by Age

The average checking account balance increased across all age groups from 1989 to 2022, with the largest percentage growth observed for those under 35 (295%).

Year	Less than 35 years	35 - 44 years	45 - 54 years	55 - 64 years	65 - 74 years	75+ years
2022	$7,356	$15,310	$20,155	$17,515	$24,409	$19,517
2019	$4,309	$8,534	$12,282	$16,474	$16,537	$20,053
2016	$4,229	$10,217	$11,291	$11,961	$17,719	$17,855
2013	$4,421	$7,013	$10,110	$11,295	$19,393	$14,270
2010	$3,409	$5,828	$7,326	$10,353	$10,782	$12,807
2007	$3,291	$5,020	$6,485	$7,984	$12,951	$9,079
2004	$3,840	$8,801	$6,763	$9,738	$10,795	$11,116
2001	$2,464	$4,785	$6,881	$7,051	$13,552	$11,930
1998	$2,816	$3,918	$7,919	$9,005	$8,536	$7,002
1995	$2,298	$3,577	$5,865	$6,854	$8,198	$9,325
1992	$2,108	$3,189	$5,096	$5,773	$7,628	$8,345
1989	$1,860	$4,140	$6,003	$6,849	$12,214	$13,819

(Source: Survey of Consumer Finances, Federal Reserve Board, 2023)

Checking Account Balance by Education Level

Individuals without a high school diploma experienced a 60% increase in their average checking account balance from 1989 to 2022.

Year	No high school diploma	High school diploma	Some College	College degree
2022	$4,037	$7,278	$10,927	$29,528
2019	$3,708	$6,842	$9,254	$20,926
2016	$3,708	$5,791	$7,250	$22,030
2013	$2,210	$5,894	$5,714	$20,952
2010	$2,619	$4,314	$5,594	$15,091
2007	$2,730	$4,010	$4,736	$13,267
2004	$3,549	$5,257	$7,878	$12,544
2001	$2,831	$5,123	$6,291	$10,889
1998	$2,645	$3,653	$4,830	$11,639
1995	$2,807	$3,511	$4,621	$9,704
1992	$3,056	$3,495	$4,117	$7,361
1989	$2,531	$3,723	$6,159	$12,755

(Source: Survey of Consumer Finances, Federal Reserve Board, 2023)

Checking Account Balance by Race

The average balance for White households is nearly 3 times larger than the average balance for Black households.

Year	White	Black	Hispanic	Other
1989	$7,051	$1,310	$5,312	$3,666
1992	$5,383	$1,355	$2,160	$4,843
1995	$5,976	$1,501	$2,169	$6,276
1998	$6,686	$3,141	$2,754	$4,615
2001	$7,849	$2,521	$2,164	$6,763
2004	$9,543	$2,822	$2,648	$6,207
2007	$7,813	$2,533	$3,182	$7,871
2010	$9,040	$2,852	$3,006	$13,674
2013	$12,800	$2,421	$2,775	$13,684
2016	$14,087	$3,647	$4,686	$15,875
2019	$14,809	$5,041	$4,745	$17,171
2022	$19,820	$6,092	$7,942	$7,954

(Source: Survey of Consumer Finances, Federal Reserve Board, 2023)

WalletHub Banking Survey

WalletHub conducted a nationwide survey to assess consumer sentiment. You can find some key statistics below.

3 in 4 people support a $5 cap on overdraft fees.
39% of people say that “unfamiliarity” is the main factor preventing them from trying a small bank or credit union.
40% of people say fees matter the most when choosing a bank account, while 30% prioritize interest rates, and 15% focus on branch locations.
Nearly 2 in 3 Americans say high interest rates are making them want to spend less money.

Check out the full survey results.

Average Checking Account Balance FAQs(9 questions)

Editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Upvotes

How can I check my checking account balance?

James W Reed, Credit Cards Moderator

There are several ways you can check your checking account balance. You can check it by logging in to your online banking account, through your mobile app, or by calling your bank. You can also check you balance at the ATM, or by going to a branch and asking a teller.

Upvotes

How can I check my PNC checking account balance?

Alexandra Barring, Banking Moderator

You can check your PNC checking account balance online, through the mobile app, at an ATM, or by telephone at (888) 762-2265.

To check your balance online, log in to your PNC Online Banking account if you're already enrolled. If not, you can sign up online.

For the most accurate and up-to-date information, it's best to check PNC's website. Remember to have your account details handy when using these services.

Upvotes

Can I do a balance transfer to a checking account from my credit card?

WalletHub

No, you cannot do a balance transfer to a checking account from your credit card. A credit card balance is a debt that you owe, while a checking account balance is an asset that you own. Also, a credit card balance transfer is when you use a credit card to pay off an existing debt, from another credit card or loan, in order to get a reduced interest rate.

There is such a thing as a balance transfer check,...

View more answers

Upvotes

What is a checking account?

Kathleen Cole

A checking account is a basic deposit account held with a bank or credit union. Features like direct deposit allow employers to directly transfer paychecks into a checking account, and debit cards allow easy access to funds wherever Visa, Mastercard or American Express is accepted.

Key Things to Know About Checking Accounts

Low interest rates. If you're looking to earn interest on your money, don't leave it in a checking account. Their...

View more answers

Upvotes

What non-cost features should I look for in a checking account?

Sydney Garth, Credit Cards Moderator

The non-cost features you should look for in a checking account include minimum balance requirements, the existence of limitations on transactions, and online and mobile access. Additionally, some checking accounts earn interest, so that is another feature to look for.

Upvotes

What is required to qualify for a checking account?

Alexandra Barring, Banking Moderator

You don't really need to qualify for a checking account. Pretty much anyone who is at least 18 years old can open a checking account. Depending on the bank, you will need one or two forms of government issued photo identification, your social security number, and a utility bill.

Upvotes

What is the best second chance checking account?

Sydney Garth, Credit Cards Moderator

The best second chance checking accounts come with very few limits, low or no monthly fees and no minimum balance requirements. Some of the second chance bank accounts that are offered nationwide include:

- Chime - with no monthly fees and no minimum to open

- Varo Bank - no monthly fees and no minimum to open

- Peoples Bank Cash Solutions Second Chance Checking with a $4.95 monthly fee and a $30 minimum to open.

Upvotes

Does the $1500 minimum for total checking have to be in the checking account OR is it the combination of my checking and savings at $1500?

WalletHub

To avoid the $12 monthly fee you need to have a minimum balance of $1,500 in your checking account. However there are other ways to avoid the monthly service fee by having direct deposits totaling $500 or more made to the account, or an average daily balance of $5,000 or more in any combination of qualifying linked deposits/investments.

Upvotes

How many savings accounts should I have?

Lauren Smith, WalletHub Staff Writer

You should have at least two savings accounts, one for short-term goals and the other for long-term savings. Also consider opening and maintaining a savings account for each of your savings' goals, like an emergency fund, retirement, or a down payment for a house.

The average American has five bank accounts, according to a study by Mercator Advisory Group. Having multiple accounts can help you budget more efficiently and create a structure to reach...

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