Between skyrocketing inflation, the ever-increasing cost of living, and the turbulence of President Donald Trump’s international tariff policies, there’s likely never been a better time in recent memory to have a healthy amount of cash on hand. This begs the question: How much cash do most Americans keep in the bank?
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SmartAsset (via Visual Capitalist) recently set out to answer that question by analyzing median banking data state-by-state from the Bureau of Labor Statistics. While the Bureau’s most recent information was from 2022, SmartAsset then brought the totals up to 2024 levels by adding a 6.34% inflation rate. (Note: Banking information was not available from Alaska, Delaware, North Dakota, South Dakota, Vermont and Wyoming.)
What they found was intriguing. Perhaps unsurprisingly, Hawaii was ranked #1 with the highest median household bank balance ($43,599), which makes sense, as the Aloha State has the highest cost of living in the nation.
More surprising, though, were the rankings of similarly large-economy states like Texas and New York, both of which fell near the middle of the list. Visual Capitalist mused this could be due to a wide wealth disparity in both Texas and New York, or simply that residents are investing their savings rather than keeping them in the bank.
Read on to find where your state falls on the list.
1. Hawaii
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Median household bank balance: $43,599
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2. New Jersey
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Median household bank balance: $21,268
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3. Washington
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Median household bank balance: $19,035
4. Massachusetts
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Median household bank balance: $17,387
5. California
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Median household bank balance: $17,046
6. Minnesota
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Median household bank balance: $16,834
7. Virginia
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Median household bank balance: $16,695
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8. Maine
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Median household bank balance: $15,951
9. Colorado
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Median household bank balance: $14,888
10. Montana
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Median household bank balance: $14,388
11. Utah
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Median household bank balance: $13,984
12. Oregon
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Median household bank balance: $13,909
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13. Kansas
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Median household bank balance: $13,293
14. Wisconsin
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Median household bank balance: $13,218
15. Maryland
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Median household bank balance: $13,186
16. Michigan
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Median household bank balance: $12,867
17. Illinois
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Median household bank balance: $12,761
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18. North Carolina
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Median household bank balance: $12,229
19. Pennsylvania
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Median household bank balance: $11,963
20. Connecticut
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Median household bank balance: $11,697
21. Iowa
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Median household bank balance: $11,697
22. New York
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Median household bank balance: $11,697
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23. South Carolina
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Median household bank balance: $11,453
24. Arizona
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Median household bank balance: $11,293
25. Florida
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Median household bank balance: $10,634
26. New Hampshire
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Median household bank balance: $9,873
27. Idaho
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Median household bank balance: $9,571
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28. Ohio
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Median household bank balance: $9,571
29. Nebraska
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Median household bank balance: $9,039
30. Nevada
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Median household bank balance: $9,039
31. Rhode Island
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Median household bank balance: $8,507
32. Indiana
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Median household bank balance: $7,603
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33. Texas
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Median household bank balance: $7,550
34. Arkansas
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Median household bank balance: $7,444
35. Tennessee
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Median household bank balance: $7,444
36. Missouri
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Median household bank balance: $6,380
37. Louisiana
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Median household bank balance: $6,061
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38. Kentucky
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Median household bank balance: $5,955
39. Georgia
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Median household bank balance: $4,785
40. New Mexico
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Median household bank balance: $4,594
41. West Virginia
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Median household bank balance: $4,307
42. Oklahoma
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Median household bank balance: $3,477
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43. Alabama
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Median household bank balance: $2,339
44. Mississippi
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Median household bank balance: $1,914
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Sources
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SmartAsset, “Household Net Worth is Highest in These States – 2025 Study“
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Visual Capitalist, “Ranked: States Where Americans Have the Most Cash in the Bank“
This article originally appeared on GOBankingRates.com: This Is How Much Cash People Keep in the Bank in Your State
