The Shocking Amount The Average American Would Have Saved Since 2010 With Today’s High-Yield Savings Account Rates  

The average American household had a bank balance of $41,600 in 2019, according to the Federal Reserve. However, it appears the data is skewed by a small number of financially comfortable families. With the interest rates on high-yield savings accounts (HYSAs) hovering around 5%, joining them seems much easier. But not all high-yield savings accounts are equal. Most will barely move the needle, while offers an industry-leading 5.1%.


A More Complete Picture

The median amount saved paints a more realistic picture. It clocked in at $5,300, a big difference from the five-figure average. It’s far from the recommended three- to six-times your salary that financial advisers recommend you have in your bank account. Thirty-seven percent of Americans reported that they can’t cover a $400 emergency expense, according to another Federal Reserve survey.

While these statistics are unpleasant, the current climate is likely one of the best for putting money in a savings account. That’s because high-yield savings accounts that anyone can open are netting yields many professional investors would welcome with open arms. Ongoing economic trends have catapulted their interest rates to over 5%, nine times that of regular savings accounts.

While 5% may not sound like it can solve your financial problems, given time it will compound into a sizable sum.

2010 With Today’s HYSA Interest Rate

In 2010, as the Great Recession tapered off, the average bank balance for American households stood at $38,000. Here’s how much that would be in 2024 with today’s HYSA interest rates.


The amount would almost double. Not bad for a passive income stream that’s protected by the government, which is generally obligated to cover up to $250,000 (but in some cases more than that) if the bank crashes. This makes HYSAs perfect for myriad purposes, including household savings, emergency savings and saving for a down payment.

Millions Are Missing Out On HYSAs

High-yield savings accounts are gaining popularity, but most Americans have yet to realize their superiority. According to a CNBC survey, 82% of Americans aren’t using a HYSA. If you’re in that group, it’s probably smart to weigh offers from several banks and credit unions. Future you will thank you.

Look Beyond The APYs

Different banks offer different annual percentage yields, so it could be tempting to immediately go for the highest one and call it a day. However, that way, you may miss the best deal for your finances. Be sure to look into fees because they can take a considerable chunk of your profit. Accessibility is also important, as some banks charge fees if you need to withdraw large sums at once. Finally, make sure your account is insured by the Federal Deposit Insurance Corp., which protects up to $250,000 or more of your funds.

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