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Understanding Bank Deposit Growth during the COVID-19 Pandemic

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Abstract

A notable development in the U.S. banking system following the onset of the COVID-19 pandemic has been the rapid and sustained growth in aggregate bank deposits. Total deposits at domestic commercial banks rose by more than 35 percent since the end of 2019 and stood at around $18 trillion as of the fourth quarter of 2021.

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  • Andrew Castro & Michele Cavallo & Rebecca Zarutskie, 2022. "Understanding Bank Deposit Growth during the COVID-19 Pandemic," FEDS Notes 2022-06-03-1, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2022-06-03-1
    DOI: 10.17016/2380-7172.3133
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    File URL: https://www.federalreserve.gov//econres/notes/feds-notes/understanding-bank-deposit-growth-during-the-covid-19-pandemic-20220603.htm
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