U.S. Consumer Banking Statistics 2023

Banking plays a pivotal role in most U.S. households, allowing Americans to manage their money, make purchases and save for the future. But as technology continues to evolve, so do our banking habits and our expectations of financial institutions.
Here’s a closer look at the current state of banking and financial trends among consumers.
Quick Banking Stats
What Is the Median Bank Account Balance?
In 2019, the median bank account balance was $5,300.[ ] This number represents a 10.6% increase over the 2016 median balance. Bank accounts include all checking, savings, money market and call deposit accounts, as well as prepaid debit cards.
What Percentage of Americans Are Unbanked?
Nationwide, 6% of households are unbanked, meaning no member of the family unit has a bank account.[ ] While the percentage of Americans without a bank account remains low, this number increased a full percentage between the 2020 and 2021 analyses.[ ]
Do Americans Prefer To Bank Digitally or Traditionally?
The tides have shifted, and the majority of Americans are now on board with digital banking. As of 2022, 78% of adults in the U.S. prefer to bank via a mobile app or website. Only 29% of Americans prefer to bank in person.[ ]
How Do Americans Primarily Pay for Purchases?
Despite the prevalence of credit cards, consumers prefer to pay for purchases with debit cards. According to our poll, 57% of Americans use debit cards as their primary payment method.[ ]
How Many Americans Have Opened a Certificate of Deposit (CD)?
According to our survey, only 48% of Americans have opened a certificate of deposit account. However, with rising CD rates, this number will likely increase.[ ]
Most Important Banking Features for Americans
Gone are the days when consumers merely accepted the stipulations their banks doled out. Today, Americans have higher expectations when it comes to banking.
Our tracking poll asked Americans what features they value most when shopping for new checking and savings products. The following tables list the most important features that came up in their responses.
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