WASHINGTON—Financial institutions are seeing rapid growth and deeper engagement in Bank On–certified accounts, according to new 2024 data from the Federal Reserve Bank of St. Louis.
The Bank On National Data Hub reports more than 23 million Bank On accounts have been opened to date, a 19% increase year over year, with accounts active in 91% of all U.S. ZIP codes. As of December 2024, over 14 million accounts were open and active, reflecting a 27% jump from the prior year.
Transaction activity continues to surge. Participating institutions processed 341 million debit transactions per month—an average of 33 transactions per account holder, up 6% from 2023. Monthly debit volume exceeded $13 billion. Deposits also grew, with $260 billion added to Bank On accounts in 2024 and an average of 8.3 deposits per month per user. Withdrawals were equally active, with 79% of account holders making withdrawals, averaging $109 per transaction.
Digital engagement is expanding sharply. Half of all Bank On users made peer-to-peer (P2P) payments, up from 45% the prior year, and monthly P2P transactions nearly doubled from 31.8 million to 61.4 million. Direct deposit adoption held steady at 39%, and digital activity overall increased to 87% of account holders.
For institutions, the program is proving to be a significant new-customer pipeline: 4.1 million accounts opened in 2024 were from consumers new to the financial institution, representing 84% of all openings. Account closures fell to 15%, down from 21% the year before.
Average balances increased modestly, rising from $1,195 to $1,273, while the national unbanked rate remains at 4.2%—about 5.6 million households.