"There is too much savings" sounds wrong to me. Is "There are too much savings" right? I did a search in Google for "There is too much savings" and came up with 24,500 results. "There are too much savings" came up with four. "There are too many savings" wouldn't work since "savings" is referred to in this case as a plural amount as a whole.
An example sentence is
In the case that there is too much savings at the minimum savings rate relative to desired investment, the unused amount is carried over to the next period.