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You might think that places like California or New York would lead the pack when it comes to bank balances. But the state with the highest median household bank account balance is—surprisingly—Hawaii, at a hefty $43,600. That’s more than twenty times the median balance in Mississippi, which is just under $2,000.
These figures come from SmartAsset’s analysis of Bureau of Labor Statistics data (adjusted for inflation to 2024 dollars). The data includes checking and savings deposits, reflecting liquid cash—not investments or retirement savings.
To bring this to life visually, I created a map showing median household bank balances by state. (Note: Six states—Alaska, Delaware, North Dakota, South Dakota, Vermont, and Wyoming—weren’t included due to data limitations.)
Hawaii ranks #1 with a median household bank balance of $43,599. That’s more than double the second-highest state (New Jersey) and about 22 times the balance of Mississippi, which comes in last at just $1,914.
But the reason Hawaii scores so high isn’t just about economic productivity. The state has a high concentration of wealthy households. According to Kiplinger, about 9.2% of Hawaii’s households are millionaires, ranking it fifth in the nation. Combine that with a sky-high cost of living and one of the nation’s highest median incomes, and you get large cash reserves—even if it doesn’t always feel that way on the ground.
The Top 10: A Mix of Coasts, Tech, and Stability
The ten states with the highest median household bank balances are as follows:
Hawaii – $43,599
New Jersey – $21,268
Washington – $19,035
Massachusetts – $17,387
California – $17,046
Minnesota – $16,834
Virginia – $16,695
Maine – $15,951
Colorado – $14,888
Montana – $14,388
Although coastal states predominate, a few landlocked states, such as Minnesota and Montana, make an appearance, indicating that stability and saving practices might be more important than GDP alone.
New York is notably absent from the top 10. Despite having the highest number of millionaires in the U.S. , the median household bank balance in New York is only $11,697—ranked 22nd. That could reflect extreme wealth inequality, higher expenses, or perhaps a preference for investing rather than saving.
The Other End: Southern States Lag Behind
At the bottom of the list, we find mostly Southern states with persistently low incomes and higher poverty rates. Mississippi, Alabama, and Oklahoma all have median bank balances under $3,500.
Here are the bottom five:
Mississippi – $1,914
Alabama – $2,339
Oklahoma – $3,477
West Virginia – $4,307
New Mexico – $4,594
In these areas, many households live paycheck to paycheck.
Does a higher income always translate into more savings?
Not always. There are outliers despite the obvious trend that states with higher incomes typically have more money in the bank. Consider Texas. Despite having one of the biggest economies in the United States, it only comes in at number 33, with a median bank balance of $7,550. Maine, a state with a modest economy, comes in at number eight with almost $16,000. These variations could be a result of local living expenses, banking and savings account trust levels, or even personal financial practices.
