As the unemployment rate drops to 9.8 percent, many Americans continue to save during the emerging economic recovery. According to Pitney Bowes Business Insight, a global leader in customer data, analytics and communication software and services, 17 states exceed the national average of $5,753 in consumer bank savings accounts, with New Jersey ($7,477), Connecticut ($6,914) and Massachusetts ($6,847) having the largest accounts. Among the 33 states below the national average, Nevada ($4,794), New Mexico ($4,515) and Arizona ($4,466) ranked as having the smallest.
For consumer bank non-interest checking accounts, the national average of dollars in an account is $2,947 with 18 states surpassing that amount. New Jersey ($4,245), Massachusetts ($3,933) and Connecticut ($3,811) have the nation’s largest non-interest checking accounts. Kentucky ($2,265), Arkansas ($2,259) and West Virginia ($2,174) have the smallest non-interest checking accounts in the country.
According to Pitney Bowes Business Insight, saving accounts in New Jersey, Connecticut and Massachusetts are the largest in the country, exceeding the national average by nearly 20-30 percent. Those same states also lead the country with the most money in non-interest checking accounts and surpass the national average by nearly 30-45 percent.
“Comparing information about checking and savings accounts is just one data layer that can inform the business decisions of our financial services clients,” said Bill Simmons, director, business practice leader – financial services, Pitney Bowes Business Insight. “For instance, when combined with comprehensive data about consumer behavior, real estate and demographics, financial institutions can best determine where and how to provide their services to build strong relationships with their customers.”
About Pitney Bowes Business Insight
Pitney Bowes Business Insight is a software and services company that provides solutions to help organizations acquire, serve and grow relationships with customers and citizens. These solutions enable lifetime customer relationships by integrating data management, location intelligence, sophisticated predictive analytics, rules-based decision making and cross-channel customer interaction management to increase the value of every customer communication while also delivering operational efficiencies.