A new study finds the median American household has $4,830 in a savings account. That's enough to cover minor emergencies and potentially even a few months of living expenses. Overall, between bank accounts and retirement savings, the median American household currently holds about $11,700, according to MagnifyMoney. Yet almost 30 percent of households have less than $1,000 saved. Among households that report having at least some money set aside, the median savings level is higher, just under $73,000.

MagnifyMoney estimates median household balances in various types of banking and retirement savings accounts by using data from the Federal Reserve and the Federal Deposit Insurance Corp. They calculate the median because it gives a more accurate estimate of what most Americans have saved; the average can be skewed by high-earners and older savers. Their results indicate that half of all U.S. households have more than $4,830 while half have less. Retirement is by far the most popular type of savings. Over 80 percent of Americans' savings is in a 401(k) or individual retirement account, MagnifyMoney found.