America’s Average Checking Account Balance – How You Compare

(KMDL-FM) How much longer do you think we will be calling bank accounts that are connected to our debit cards "checking accounts"? It made sense back then: we had a savings account and an account we wrote checks from to pay our bills. Nobody, except the people in front of me at the grocery store, writes checks anymore.

A pen rests on a check near the dollars line

To be fair, even those of us who no longer write checks still have to write a check every now and again, but this article isn't about the check; it's about the account and the account balance that you have in which to write legal checks.

How Much Money Is in the Average American's Checking Account?

We are going to share two different numbers with you; both ot them were obtained via data sourced and scrutinized via the financial website The Motley Fool. That group looked at checking accounts and the average amount of money that was in American checking accounts and the median amount of money that was in American checking accounts.

blue and white UNKs coffee shop signage

What is the difference between "average" and "median"? There is a difference in the definitions; Michigan State University defined the words this way. " The average (specifically the arithmetic mean) adds up all the numbers in a dataset and divides by the total count. The median is the exact middle value when all the numbers are listed in order"

The Balance in the Average American Checking Account Will Blow Your Mind

The average checking account balance in the United States, according to The Motley Fool, is $15,472.00. That is about $14,000 or so dollars higher than I would have guessed. But the reason the number shows up so high is that it is the "average". There are some checking accounts that skew the numbers a lot. Mine is not one of those.

woman writing on paper

Now, if we look at the "median" balance, this is more in line with what I was thinking; the amount in that scenario is $3,000. For a male head of household, the numbers showed a little higher, about $4,420, while females in the same position maintained a median balance of $1,000. Americans who live with a spouse or partner have a median balance of $5,500.

Average Checking Account Balance By Age - Compare With The Rest of the Country

Age plays a huge role in how much you might have in your checking account. The Motley Fool says Americans 75 and older have the largest checking account balances. Here is how The Motley Fool broke down other balances by age.

Under age 35 –  Median balance $1,900
Ages 35-44 –     Median balance $2,400
Ages 45-54 –     Median balance $3,700
Ages 55-64 –     Median balance $3,430
Ages 65-74 –     Median balance $4,000
Ages 75/older – Median balance $5,000

Education and levels of education completed also figured into how these numbers played out. I guess if you want to have a little more money in your accounts, staying in school is still a great idea.

READ MORE: 10 Acadiana Restaurants That Always Give You More For Your Money

We should probably all get together somewhere and discuss this, or drown our sorrows together. Here are some places we could go. We can't guarantee the financial advice, but you will have a good time.