Wealthy Americans Are Moving Cash Out Of Checking And Savings Accounts
Wealthy Americans Are Moving Cash Out Of Checking And Savings Accounts
Here’s what they’re doing with it Sun, December 14, 2025 Moneywise
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Consumer confidence dropped sharply in November, falling to its lowest point since April, when concern over President Trump’s tariffs was driving economic anxiety (1).
Possibly as a result, Americans have pulled back on spending. A delayed report from the Department of Commerce shows that while consumer spending rose 0.02% from the previous month, sales are sluggish compared to the 0.6% increase recorded in July and August and 1% increase in June (2).
What are they doing with their money instead? New research from JPMorgan Chase's Institute of Financial Health and Wealth Creation found that after accounting for inflation, savings and checking balances have essentially been stagnant for nearly two years .
When it comes to high-income households, bank balances have even been shrinking, landing at negative 2% in October 2025 (3).
Where did the money go?
The report notes that higher-income households are instead moving cash out of regular bank accounts and into higher-yield options, such as money market funds, brokerage accounts and certificates of deposit (CDs) (3).
With inflation hovering around 3.0% — well above the 2% target — it seems traditional accounts just aren’t cutting it (4).
With incomes barely improving and everyday costs still high, many consumers now have “just enough to spend but not enough to splurge,” which explains why spending is falling.
Where are Americans putting their money?
Rather than spending more, many households are turning to investment-style options with higher returns for their cash. If you're thinking about doing the same, here are some of the most popular alternatives:
High-yield cash accounts
These function like regular savings accounts but offer much higher interest rates. For example, a SoFi checking and savings account can help you build your wealth base through a combination of high-interest rates, zero fees and ease of access.
A SoFi account can provide a base 3.60% APY, but new clients can get a 0.70% boost for up to 6 months for a total APY of 4.30%. That’s over ten times the national deposit savings rate, according to the FDIC’s November report.
With no account fees and no-fee overdraft coverage, you keep more of your money in your pocket. Plus, SoFi account balances of up to $3 million are insured by the FDIC through program banks.
To help jumpstart your savings, you can get up to $300 when you sign up with SoFi and set up a direct deposit.
For other savings options offering a range of new customer bonus options, check out the Moneywise list of top savings accounts of 2025.
Certificates of deposit (CDs)
With the Fed cutting interest rates recently, many savers are already seeing those yields drop. That makes locked-in returns more valuable than ever — and that’s where a certificate of deposit (CD) shines.
With a CD, you lock in a guaranteed rate upfront, so your earnings stay steady for a set term, even if rates slip further. It’s predictable, reliable growth, which is something you don’t always get with traditional accounts.
Raisin makes that even easier by giving you access to high-yield and no-penalty CDs from top U.S. banks, all with no fees and minimums as low as $1.
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