Credit unions and banks located in cities such as New York, Philadelphia, Chicago, Los Angeles and San Francisco may have an advantage when it comes to deposit balances.

Increases in total deposits in those cities over the past year have been linked to an increase in per capita income there, according to research firm Market Rates Insight. Total deposits increased by a range of 17% in Los Angeles to 72% in Philadelphia. Over the same time period, per capita income increased by a range of 9% in the Chicago to 14% in the New York.

“Although this analysis can’t tell us if more people are saving or some people are saving more,” said Dan Geller, executive vice president of MRI, “these findings indicate that savings is growing regardless of changing demographics in these metropolitan areas.”

Looking closer, in New York, total deposits increased from $769 billion on Dec. 31, 2005 to $932 billion on Dec. 31, 2010. Over the same period, per capita income increased from $45,952 to $52,375.

The link can also be seen in Philadelphia, where total deposits increased from $221 billion to $380 billion and per capita income grew from $40,413 to $45,465. Los Angeles’ total deposits increased from $272 billion to $319 billion while per capita income went from $38,195 to $42,818.

In Chicago, total deposits increased from $240 billion to $285 billion and per capita income increased from $40,110 to 43,727. San Francisco experienced a total deposit increase from $171 billion to $230 billion and per capita income grew from $54,910 to $59,696.