Where Data Tells the Story
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U.S. demand deposits* rose 8.9% year-over-year in June 2025, reaching $5.65 trillion — continuing their upward trend after surging during the pandemic. As a share of the M2 money supply, demand deposits jumped from 10.5% in December 2019 to 25.7% by June 2025.
* Demand deposits in the U.S. are bank account funds—mainly in checking accounts—that can be withdrawn anytime without notice. They are highly liquid, usually earn little or no interest, and are a key part of the M1 money supply tracked by the Federal Reserve.