Americans Leaving up to $42 Billion in Interest Income on the Table Each Year, DepositAccounts.com Survey Finds
An estimated 96 million have never switched banks
CHARLOTTE, N.C., Aug. 6, 2019 /PRNewswire/ -- Millions of Americans have never switched banks, a recent survey commissioned by DepositAccounts.com found. Even more profess loyalty to their current financial institution.
This reluctance to switch banks — especially to an online-only bank — could collectively cost the country billions of dollars.
Key findings
- An estimated 96 million Americans have never switched banks, collectively leaving up to $42 billion in interest income on the table each year.
- Of the millions of Americans who have never switched banks, almost 75% say the reason is because they're satisfied with their current account.
- Almost half (47%) of those surveyed don't know how much interest they're earning on their savings account.
- Most Americans (42%) incorrectly think traditional, big banks offer the best rates for saving accounts.
- Nearly 33% of Americans won't consider opening an online savings account. Of this group, 38% say it's because they're satisfied with their current account, 24% prefer to bank in person and 22% don't see the benefit of an online savings account. Also, 18% don't feel online savings accounts are trustworthy.
"Without the cost of maintaining brick-and-mortar branches, online banks get to pass those savings to consumers in the form of higher rates and fewer fees," said Ken Tumin, founder of DepositAccounts.com. "If Americans understood the savings potential of switching to an online-only bank, they may be less reluctant to make the change and could soon realize those savings in their account balances."
For the full report visit: https://www.depositaccounts.com/blog/bank-loyalty.html
About DepositAccounts.com
DepositAccounts.com is the largest and most comprehensive online publication in the U.S. dedicated to banking and deposits product information for consumers, and is part of the LendingTree portfolio of brands and businesses. DepositAccounts.com covers every federally insured bank and credit union and utilizes its patented technology to track approximately 275,000 consumer deposit rates, each updated nightly. The site features more than 11,000 editorial articles detailing depository strategies and highlighting current bank rates and offers. It is also home to one of the largest communities of depositors on the Web, hosting more than 100,000 comments, customer reviews, and forum threads.
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SOURCE DepositAccounts.com
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