Per Capita Domestic Deposits Nearly Doubled in the Last 20 Years

This week’s Market Rates Insight National Pricing Indicator report reinforces that Americans are in love with bank deposits. Per capita domestic deposits have nearly doubled in the last 20 years. From 1990 to 2010, per capita domestic deposits increased from $13,274 to $25,479 - an increase of $12,205 per capita or 92%. However, most of the growth in per capita domestic deposits occurred in the last decade (Figures 1 & 2).

In 1990, per capita domestic deposits stood at $13,274, and by the end of that decade, domestic deposits increased to $14,975 per capita - an increase of 12.8%. During the same decade (1990s), US population grew by 13.2% – from 246 million to 281 million. During the decade of the 2000s, per capita domestic deposits increased from $14,975 in the beginning of the decade, to $25,479 at the end of the decade - an increase of $10,504 or 70.1%. However, the rate of deposit growth far exceeded the rate of population growth during
the decade. In year 2000, the US population stood at 281 million and by 2010, it grew to 309 million - an increase of 28 million or 9.7%.

It’s impossible to tell from the available data whether the increase in per capita deposits is because more consumers are saving, or some consumers are saving more. The only way to answer this question is by comparing the number of deposit-account holders, which is proprietary information of each financial institution.