Unbanked / Underbanked Household Rate

The FDIC's National Survey of Unbanked and Underbanked Households, conducted every two years, measured the unbanked rate at 4.2% in 2023. That's down from 8.2% in 2011 — a halving over a dozen years. The trend is one of the cleaner pieces of good news in American household finance.

Having a bank account matters. Without one, routine life runs through check cashers, prepaid cards, and payday lenders — each skimming fees that a checking account would absorb for free. The FDIC estimates unbanked households pay hundreds of dollars a year in fees for services a bank would provide at no cost.

The improvement is real. It is also partial. A bank account is the floor of financial participation, not the ceiling. Millions of households now have accounts but still rely on alternative financial services for credit — the underbanked layer that this survey tracks separately.

Access to a checking account does not replace savings. The Safety Net shows just 41% of Americans could cover a $1,000 emergency from savings. The Buffer — the personal savings rate — sits near historic lows. The banking system has opened its doors wider than ever. What's sitting inside those accounts is thinner than ever.