Here's How Much the Average Rich Person Has in Their Savings Account

Wealthy households tend to own a mix of assets, like real estate, investment accounts, and sometimes business interests. But they also hold money in checking and savings accounts just like you and me -- except bigger balances.

According to the most recent Federal Reserve Survey of Consumer Finances, the wealthiest 10% of U.S. households hold a median $128,000 in transaction accounts. That's not investment money. It's accessible cash, and it plays a much bigger role in building and protecting wealth than most people realize.

How much cash wealthy households keep

Looking at the breakdown of savings by net worth percentile, here are the median savings balances:

That top group -- the wealthiest 10% of U.S. households -- holds $128,000 in readily available cash. That's more than double what all the other groups combined hold.

Why savings matter more than people think

For most households, the issue isn't that savings feel unimportant -- it's that there's rarely room for it.

The average U.S. household spends about $6,440 per month, while the median balance across checking and savings accounts is just $8,000. That doesn't leave much margin for error.

When your cash buffer is thin, even small surprises can create stress. A car repair, medical bill, or temporary income dip can quickly spill over onto credit cards or loans, making the problem more expensive over time.

Savings act as a pressure release valve. They don't need to be huge to be useful -- even a few extra weeks of expenses can change how manageable life feels. That breathing room is what allows people to avoid high-interest debt, leave long-term investments alone, and make better decisions when things don't go perfectly.

Wealthy households simply have more of that margin. But the underlying benefit is the same at every level: savings buy time, flexibility, and peace of mind.

How to grow your savings balance

If you want to move closer to what high-net-worth households are doing, start with small, repeatable upgrades. These are the same moves I recommend to readers and friends all the time.

1. Open a high-yield savings account

This will help you twofold: First, having a separate, dedicated account just for savings helps create a mental separation from the rest of your regular-life money. A separate account makes the money more "untouchable" and helps you not dip into it.

Second, high-yield savings accounts pay APYs well above the national average. I'm talking like earning in some cases 400x more interest than regular checking and savings accounts with big banks.
Compare today's high-yield savings accounts and see what your cash could earn.

2. Set up an automatic transfer each month

Putting savings transfers on autopilot removes the manual task of budgeting and saving. Think of it like a monthly subscription -- except instead of money going to some company, it's going to your own freedom fund.

Weekly or monthly transfers both work. And the amount doesn't need to be big. Consistency matters far more than size.

3. Use raises, bonuses, and/or rewards to create extra margin

One of the easiest ways to grow savings faster is to capture money you weren't relying on to begin with. A raise, bonus, tax refund, or side-hustle payout can feel like "extra," which makes it a perfect opportunity to save instead of spend.

The same idea applies to rewards. Cash back credit cards can give you rewards on money you're already spending. When groceries or gas earn money back, that's cash you can redirect straight into your savings account.

The real lesson behind the numbers

The biggest takeaway looking at rich people's numbers isn't that wealthy households have six figures sitting in savings. It's how they use cash.

Savings isn't treated as leftover money or a someday goal. It's kept liquid intentionally, separated from everyday spending, and stored in high-yield accounts.

You don't need $128,000 to start benefiting from that mindset. You just need a system that makes saving easier than spending, and tools that work with how you already live.

See our picks for today's top high-yield savings accounts and compare options that fit your goals.