The study found that 62% of Americans have less than $1,000 in their savings account. Which is probably no big surprise as a savings account is a pretty horrible place to store any sizeable amount of money, with the near-zero interest rates usually offered on such accounts. At best it is a rainy day fund. $1,000 should easily cover most immediate rainy day needs. Anything more expensive generally gives you some notice to cash out other investments as necessary.