Priya Jaiswal is a recognized authority in Banking, Business, and Finance, with extensive expertise in market analysis, portfolio management, and international business trends. Today, we discuss the dynamics of banking habits, particularly focusing on consumer tendencies to hold onto their bank accounts for long periods.
How long, on average, have Americans held their checking accounts?
Americans have held onto their checking accounts for an average of 19 years.
What is the average length of time consumers have held savings accounts?
Consumers typically hold their savings accounts for about 17 years.
What are some perks of opening new bank accounts these days?
New bank accounts often come with attractive perks such as high yields, no fees, sign-up bonuses, ATM fee rebates, and early direct deposit options.
Why do most consumers stick with their existing bank accounts for so long?
Most consumers cite convenience as the main reason for sticking with their existing bank accounts. Factors include the hassle of switching, familiarity with the existing account, and convenient branch or ATM locations.
According to the survey, what are two main subsets that contribute to the 19-year average for checking accounts?
The survey found a 19-year average for banks or credit unions with in-person locations and a 6-year average for online-only financial institutions.
What is the average length of time for online-only financial institution checking accounts?
The average length of time for checking accounts at online-only financial institutions is 6 years.
What do the survey results show about the duration of savings accounts at banks or credit unions with in-person locations?
The average duration of savings accounts at banks or credit unions with in-person locations is 18 years.
Why does Ted Rossman suggest consumers should reevaluate their bank accounts periodically?
Ted Rossman recommends consumers reevaluate their bank accounts periodically because needs and lifestyles change over time, and periodic reviews ensure that individuals get the best deals available.
What percentage of checking account holders value convenience as the main reason for staying with their bank?
According to the survey, 43 percent of checking account holders value convenience as the main reason for staying with their bank.
What are some specific reasons consumers find it convenient to stay with their current bank?
Consumers find it convenient to stay with their current bank for several reasons, including familiar account setup, convenient branch/ATM locations, the hassle of switching, and satisfactory customer service.
How many checking account holders do not pay monthly checking fees?
More than 68 percent of checking account holders do not pay monthly checking fees.
According to Bankrate’s survey, what percentage of non-interest checking accounts don’t charge a monthly service fee?
The survey found that 47 percent of non-interest checking accounts don’t charge a monthly service fee.
What should consumers compare when determining how their bank account stacks up against the competition?
Consumers should compare factors such as monthly service fees, ATM fees, interest rates, customer service, and the mobile banking tools offered by competing banks.
What are the current top high-yield savings account APYs?
The current top high-yield savings accounts are earning over 4.50 percent annual percentage yield (APY).
Why might online-only banks offer higher savings rates compared to big brick-and-mortar banks?
Online-only banks often offer higher savings rates because they save on costs related to maintaining physical branches and pass those savings on to customers in the form of higher interest rates.
What method does Ted Rossman suggest for those who find it a hassle to switch their primary checking account?
Ted Rossman suggests linking a local checking account to an online high-yield savings account, combining the convenience of local banking with the attractive interest rates of online banks.
Which bank won Bankrate’s award for the best online-only bank?
Ally Bank won Bankrate’s award for the best online-only bank.
What advice is given for consumers who want to keep their original bank but also benefit from features offered by other financial institutions?
Consumers are advised to retain their original bank if they aren’t paying fees and to move a portion of their money to other institutions that offer useful features, such as more intuitive mobile banking apps or higher interest rates.
How was the survey conducted, and what was the sample size?
The survey was conducted online by YouGov Plc with a sample size of 2,712 U.S. adults, of whom 2,058 have a checking account and 1,806 have a savings account.
During what dates was the survey fieldwork undertaken?
The survey fieldwork was undertaken between January 27-29, 2025.
Do you have any advice for our readers?
Keep an eye on your financial needs and market trends. Periodically review your banking options to ensure you’re benefiting from the best available terms and features. Don’t be afraid to explore new opportunities or consolidate resources for optimal financial health.
