Do Americans think their savings are safe in US banks?

The recent collapse of Silicon Valley Bank (SVB) left some uninsured depositors scrambling to recover their funds. Most Americans (54%) now think this collapse is likely the beginning of a broader financial crisis in the US. Coupled with the recent failure of Credit Suisse and the memory of the crash of 2008, and it’s not too surprising that some people are getting worried.

But who’s the most concerned – those with the most money to lose, or those who can’t afford to lose any more?

New YouGov data can reveal that when you ask Americans whether or not they think the cash they have deposited in US banks is safe or unsafe, those with savings amounting to less than $1k are most likely to consider it unsafe (25%), followed by those with $1,000 - $4,999 (22%). Those with savings around the $5,000 - $9,999 mark are a bit less likely to be concerned (14%), and the same goes for consumers with $10,000 - $19,999 to their names (11%).

Americans get a bit more worried when they have $20,000 - $49,999 in the bank (20%), but this steadily declines for people with $50,000 - $99,999 (17%) or over $100,000 (11%) Whether the richest Americans are less worried because they can afford to take the hit, or because they have more safeguards in place for their funds, we cannot say – but YouGov Profiles can help you explore these audiences in greater depth and detail.

Methodology

YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for US is nationally representative of the population and weighted by age, gender, education, region, and race. Learn more about Profiles.

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