New Data from St. Louis Fed Show Bank On Certified Accounts Bringing Millions More People into Financial Mainstream

Bank On National Data Hub report from the Federal Reserve Bank of St. Louis highlights the growing momentum, impact of the Bank On movement

NEW YORK, Dec. 3, 2025 /PRNewswire/ -- New data from the Bank On National Data (BOND) Hub shows how Bank On certified accounts have brought millions of un- and underbanked households into the financial mainstream, generating billions of dollars in banking activity. Featuring data from 45 reporting institutions representing nearly half of the US deposit market share, the report from the Federal Reserve Bank of St. Louis, in partnership with national nonprofit the Cities for Financial Empowerment Fund shows that more than 14 million Bank On certified accounts are currently open and active. More than 4.8 million accounts were opened in 2024 alone, a 27% increase compared to previous year. Bank On certified accounts have been opened in 91% of all U.S. zip codes by consumers that are new to the bank or credit union 84% of the time.

The Bank On movement aims to increase safe and affordable banking options and bring the underbanked and unbanked into the financial mainstream. This year's report provides strong evidence of the movement's momentum; millions of US households continue to join the financial mainstream. Bank On account holders are not only opening new accounts, but keeping them open, directly depositing funds, making regular transactions, and accessing peer-to-peer and online banking. At the same time, data shows that account closures dropped by over 28% from the previous year.

Other findings include:

• Account holders are using their accounts regularly: over 341 million debit transactions were processed per month for Bank On account holders, valued at more than $13 billion per month. The average account holder made 33.4 debit transactions a month, with an average amount of $37.
• Beyond debit transactions, account holders continue to engage with a range of other account services: over $260 billion was deposited into these accounts in 2024, and almost 40% of account holders used direct deposit. The average monthly balance per account increased to $1,273. The average account holder made 8 deposits per month, with an average value of $276.
• Over half of account holders are using their certified accounts for peer-to-peer transactions, increasing from 31.8 million transactions per month in 2023 to 61.4 million transactions per month in 2024. 87% of account holders were digitally active.

The St. Louis Fed and the Cities for Financial Empowerment Fund established the Bank On National Data (BOND) Hub to aggregate and share impact metrics from financial institutions related to account openings, account usage and consistency, and online access.

"More than a decade into the Bank On movement, financial institutions, Bank On coalitions, local government leaders, and federal regulators continue to work together to grow the movement and ensure that everyone has access to a safe and affordable banking account," said Jonathan Mintz, President and CEO, Cities for Financial Empowerment Fund. "With the national unbanked rate now cut in half since its peak, and growing national attention to the importance of safe banking, we are excited to see such compelling evidence of success. The CFE Fund is proud to partner with the Federal Reserve Bank of St. Louis to reveal that millions of customers a year are opening and robustly using these safe, certified accounts across the country."

"The St. Louis Fed is grateful for our partnership with the Cities for Financial Empowerment Fund," said Lisa Locke, Community Development Advisor, Federal Reserve Bank of St. Louis. "The data collected through the Bank On National Data Hub shows the continued growth and impact of Bank On certified accounts. Access to banking services is foundational to achieving economic stability and building wealth."

About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting-edge experience with large-scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 150 cities and counties, and has disbursed over $75 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Bluesky at @cfefund.bsky.social.

About Bank On
The CFE Fund's national Bank On movement supports local coalition and financial institution efforts to connect consumers to safe, affordable banking accounts as a fundamental component of financial stability. Already, over 500 accounts at banks and credit unions nationwide – representing over two-thirds of the national deposit market share – are certified as meeting the Bank On National Account Standards, which designate both core and strongly recommended features that ensure low cost, no surprise fees, high functionality, and consumer safety. More than 100 Bank On coalitions across the country are working to connect unbanked and underbanked individuals to certified accounts, often through leveraging large-scale government program and payment opportunities. Visit www.joinbankon.org for more information. 

Media Contact: 
Katie Plat, [email protected] 

SOURCE Cities for Financial Empowerment Fund