Us Bank Deposits Statistics and Trends

The total US bank deposits have been steadily increasing over the years, reaching a record high of $14.8 trillion in 2020.

US bank deposits have seen a significant surge in recent years, with a growth rate of 5.5% from 2019 to 2020.

This growth can be attributed to the increasing popularity of digital banking and mobile banking apps, which have made it easier for people to manage their finances on the go.

In 2020, the average US bank deposit balance was $5,500, with the majority of deposits held in checking and savings accounts.

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Bank deposits have been on the rise, and it's a big deal. Deposits rose by a record $2 trillion since January, when the novel coronavirus first gained a foothold in the country.

The surge in deposits is largely due to the $610 billion Paycheck Protection Program, which had participants apply through their bank. This means the money landed first in bank accounts.

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In April, deposits skyrocketed by nearly $866 billion, more than the previous record for an entire year. Deposits grew by another $604 billion in May.

About two-thirds of the money flowed to the nation's biggest banks, according to Federal Deposit Insurance Corp. data published this week.

Domestic deposits at U.S. banks grew to a record $16.98 trillion in 1Q21, with a 17% annualized growth in the quarter. This comes atop 23% growth in 2020.

Non-interest bearing deposits (NIB) grew at a 36% annualized pace in 1Q21, while interest bearing (IB) deposits grew at a 10% annualized pace in 1Q21.

Here's a breakdown of the growth in deposits:

These gains follow 46% and 16% increases respectively in 2020.

Domestic deposits at U.S. banks grew to a record $16.98 trillion in 1Q21, with a 17% annualized growth rate.

This growth rate is on top of the 23% growth seen in 2020, and marks a significant shift from the pre-pandemic levels. Non-interest bearing deposits (NIB) grew at a 36% annualized pace in 1Q21, outpacing interest bearing (IB) deposits which grew at a 10% annualized pace.

The largest banks saw their deposit share dip slightly, from 48.7% in 2020 to 48.2% today, while the top ten banks grew at a 14% annualized rate.

In dollar terms, JP Morgan and Bank of America were the two fastest growing banks, while E*Trade, Silicon Valley and Signature Bank led the pack in percentage terms.

Non-interest bearing deposits (NIB) are growing at a rapid pace, outstripping interest bearing deposits. In the first quarter of 2021, NIB grew at a 36% annualized pace.

This growth is part of a larger trend that began during the pandemic. In 2020, NIB increased by 46%, while interest bearing deposits grew by 16%. The shift towards NIB is significant, and it's having a notable impact on the way banks are funded.

Some banks are deriving a larger ratio of deposit funding from NIB than others. Silicon Valley, Comerica, City National, and Zions are among the banks that are leveraging NIB to a greater extent. On the other hand, many broker-dealer affiliated banks are relying heavily on interest bearing deposits, with some deriving 100% of their deposit funding from IB.

The overall share of interest bearing deposits has fallen to 70.6% of total domestic deposits, down from 71.7% at the end of last year. This is a significant shift from the pre-pandemic level of 76.1%.

Brokered Deposits are a significant source of funding for many banks. They accounted for 7.1% of all U.S. deposits.

Six major banks dominate the brokered deposits market: TD Bank, Bank of America, Citibank, E*Trade, JPMorgan, and Goldman Sachs. Together, these banks sourced $485 billion via brokered deposits.

These six banks have a significant presence in the market, with a combined 44% share of all brokered deposits.

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The largest U.S. banks have seen significant growth in deposits since the pandemic began. J.P. Morgan's deposit growth slowed down to 6% in the first quarter, but its annualized growth rate is still impressive at 26%.

Banks of all sizes have experienced growth, with the top ten banks seeing a slight dip in their deposit share from 48.7% in 2020 to 48.2% in the first quarter. This is partly due to the growth of smaller banks, which saw a 17% annualized rate of growth.

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Domestic deposits at U.S. banks grew to a record $16.98 trillion in 1Q21, with an annualized growth rate of 17%. This growth is a significant increase from the previous year, which saw a 23% growth rate.

The top ten banks saw their deposit share dip slightly, but their share of uninsured deposits fell more significantly from 52.0% to 50.8%. This suggests that smaller banks are gaining ground in the market.

In dollar terms, JP Morgan and Bank of America were the two fastest growing banks, while E*Trade, Silicon Valley and Signature Bank led the pack in terms of percentage growth.

Deposit insurance is a vital protection for your bank deposits. The Federal Deposit Insurance Corporation (FDIC) insures all types of deposits, including CDs and checking, savings, and money market accounts, held in FDIC-insured depository institutions.

You can rest assured that your deposits are insured up to $250,000 per depositor, per insured depository institution, for each account ownership category. This means that even if a bank fails, you'll be able to access your insured deposits.

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For more information about deposit insurance, you can visit the FDIC's website or call them at (877) ASK-FDIC (877-275-3342). The FDIC's BankFind Suite is also a useful resource for finding the primary regulators of individual banks and generating financial and demographic reports.

Here are some key details about FDIC insurance:

Insured deposit growth slightly exceeds uninsured deposit growth, a sharp reversal from 2020 when uninsured deposits grew by 33% while insured deposits were up a comparatively small 17%. This shift is a significant development in the banking industry.

In the first quarter of 2021, insured deposits grew at an annualized rate of 18.8%, outpacing uninsured deposits which grew at a rate of 14.3%. This change in dynamics is a notable trend in the banking sector.

One bank that stands out in this category is JP Morgan, which alone accounted for one fourth of all the first quarter uninsured deposit growth in the U.S. with a growth of $64B. Silicon Valley came in second with a growth of $14B.

The more traditional universal banks, such as JP Morgan, Bank of America, Wells Fargo, Citibank, Truist, PNC Bank, and U.S. Bank, set the pace in the Insured deposit category.

Here's a breakdown of the top uninsured deposit growth by bank:

The Federal Deposit Insurance Corporation (FDIC) is a crucial part of ensuring your deposits are secure. It insures all types of deposits, including CDs and checking, savings, money market, and NOW accounts, held in all FDIC-insured depository institutions, including national banks and federal savings associations.

The FDIC's standard insurance amount is $250,000 per depositor, per insured depository institution for each account ownership category. This means you're protected up to $250,000 in case something happens to the bank.

You can find more information about deposit insurance on the FDIC's website. The FDIC also provides a list of primary regulators of individual banks through its BankFind Suite, which can be a useful resource for consumers and bankers alike.

If you have questions or need help, you can call the FDIC at (877) ASK-FDIC (877-275-3342).

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US bank deposits are a vital part of the country's financial system. As of now, the total deposits in US banks stand at 19.00T.

This figure represents a 0.98% increase from the previous quarter, indicating a steady growth in deposits. The FDIC's Quarterly Banking Profile report provides a comprehensive overview of the US banking sector.

The current level of deposits is also a 1.36% increase from the same period last year. This shows that the trend of increasing deposits is consistent over time.

Here's a breakdown of the recent changes in US bank deposits:

Deposit Statistics show a significant shift in the type of deposits banks are receiving. The latest data indicates that non-interest bearing deposits (NIB) grew at a 36% annualized pace in 1Q21.

Interest bearing deposits (IB) on the other hand, grew at a 10% annualized pace in 1Q21. This is a notable difference from the previous year, where NIB and IB deposits increased by 46% and 16% respectively.

The largest banks derive a significant portion of their deposit funding from NIB, with Silicon Valley, Comerica, City National, and Zions leading the way. In contrast, many broker-dealer affiliated banks rely heavily on IB deposits, with some even deriving 100% of their funding from this source.

Here are some key statistics on the shift in deposit types:

The latest data also shows that the average growth rate of deposits is 4.96%, with the last value being 19.00T as of March 2024.