New research released last week by America Saves showed transaction-based checking accounts are becoming one of the most common places for U.S. consumers to put savings away.
The research, conducted in March, polled more than 1,000 American Savers participants through direct email to provide insight into their savings attitudes and behaviors.
Excluding retirement accounts, checking accounts were cited by one-third of survey respondents as a place to stash savings, with two-thirds citing a credit union or bank account as their primary savings location, followed by 11 percent for brokerage accounts and 10 percent for money market accounts.
One in 10 consumers said they stashed savings in a secure home location, though only three percent said a “safe place at home” was their primary place to stash savings—approximately 10 percent of respondents with an annual income of less than $25,000 said the home was their primary savings location.
Most respondents said they were saving for multiple goals—only 15 percent said they were saving towards just one goal, and for 34 percent of them, the goal was retirement. Approximately one-third of respondents said they were saving for three goals, followed by 22 percent for four or five goals and 24 percent for two goals.