The paper focuses on determinants of household savings in Slovakia applying quarterly data 1995 Q1 to 2015 Q1. The outcomes from the ARDL procedure suggest that in the long-run households are expecting their permanent income to be above their current income and that is associated with their dissaving behaviour, while favourable conditions in the short-run stimulate households to raise savings. The impact of credit institutions on savings is positive. Saving rate and dependency ratio of elderly stands in contradiction to the Life-Cycle Hypothesis as elderly population increases savings. Unemployment rate indicates a precautionary saving motive. About 63% of disequilibrium in the previous quarter will be corrected in the current quarter.