Overview
- The Federal Reserve’s 2022 Survey of Consumer Finances reports a $8,000 overall median in transaction accounts—checking, savings, money market, brokerage cash, and prepaid cards—excluding CDs and retirement accounts, with more than 98% of households holding an account.
- Balances differ by age, from a $5,400 median for those under 35 to $13,400 for ages 65–74 and $10,000 for 75 or older, with under‑35 medians rising at every survey checkpoint over the past decade.
- Family structure shapes balances: single adults 55 and older without children held a $4,300 median, while couples without children reported $16,000.
- Education is a major divider, as college graduates held more than four times the median balance of those with some college but no degree.
- With deposit rates elevated in early 2026, leading options include high‑yield savings near 5.00% APY, money market accounts up to 4.40%, and CDs around 4.50% that can lock fixed yields for years.