United States Personal Savings Rate (2024)

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United States Personal Savings Rate? ›

US Personal Saving Rate (I:USPSR)

Monthly personal savings as a share of disposable income in the U.S. 2015-2024. In February 2024, the personal saving rate in the United States amounted to 3.6 percent, which is a lower figure than a year earlier. The personal saving rate is calculated as the ratio of personal savings to disposable personal income.

The U.S. personal saving rate stood at 3.7 percent at the end of 2023, up from the 3.4 rate at the end of 2022. The personal saving rate is the federal government's estimate of what percent of their incomes U.S. households are saving.

Many personal finance experts recommend a flat savings rate of 15%. While that isn't a bad rule of thumb, there are two primary factors that can affect that recommendation: The first is the age at which you start saving. The number of years you are able to save for retirement has a big impact.

The national average yield for savings accounts is 0.59 percent APY as of May 20, 2024, according to Bankrate's most recent survey of institutions. Many online banks have savings interest rates higher than the national average savings account interest rates.

Americans saw their coffers swell thanks to pandemic-related stimulus and not spending during shutdowns. The robust job market of recent years has also supported household finances. Put together, this may have resulted in “a structurally lower saving rate,” according to the report.

In 2022, the average savings account balance in the United States was $62,410, while the median balance was only $8,000. The average and median balances vary depending on age, with older generations having more savings. Individuals under 35 had an average savings of $20,535 and a median balance of $5,400.

The national savings rate is the GDP that is saved rather than spent in an economy. It is calculated as the difference between a nation's income and consumption divided by income. The national savings rate is an indicator of a nation's health as it shows trends in savings, which lead to investments.

Key information about China Gross Savings Rate

China Gross Savings Rate is updated yearly, with data available from Dec 1952 to Dec 2021, and an average rate of 45.9%.

The average national interest rate for savings is 0.47%. Interest rates for savings accounts might drop in 2024.

What are current savings interest rates? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

US Personal Saving Rate (I:USPSR)

US Personal Saving Rate is at 3.20%, compared to 3.60% last month and 5.20% last year. This is lower than the long term average of 8.47%.

As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

As of April 2024, you can find banks and credit unions offering online savings accounts with a 4.5% APY or higher. Some even go above 5% APY. That's much higher compared to the national average of 0.46% APY.

FAQ: Bank of America Savings Account Rate

If you're not a Preferred Rewards member, you earn an APY of just 0.01%. Gold tier Preferred Rewards members earn 0.02%, Platinum tier members earn 0.03% and Platinum Honors tier members earn 0.04%.

The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.