The economy may be struggling to its feet, but you wouldn’t know it by frugal Nutmeggers’ combined average checking and savings account balances totaling nearly $11,000 – among the richest in the country, according to one survey.
Pitney Bowes Business Insight (PBBI), the Troy, N.Y., customer data and analytics division of Stamford-based Pitney Bowes Corp., found many Americans continue to save during the emerging economic recovery.
According to PBBI, saving accounts in New Jersey, Connecticut and Massachusetts are the largest in the country, exceeding the national average by nearly 20 percent to 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 percent to 45 percent.
It found 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.
