Despite the fees and requirements, 49 percent of all families have a traditional savings account with a median balance of $2,400. More than one-third of all low- and moderate-income families (37 percent) have a savings account with a median balance of $800. That represents 16 million low- and moderate-income families with total balances exceeding $13 billion, says the CFA.
The report notes that these savings accounts represent the best source of funds for low- and moderate-income families, and even many middle-income families, to pay for unexpected expenses.