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Many Americans loyal to longtime banks despite weak savings returns
The average respondent has stayed with the same bank for 17.4 years, while 81% of credit card users carry at least one card for rewards, the survey found.
- New Talker Research polling shows Americans remain loyal to their initial banks for an average of 17.4 years, with 36% never considering a switch to another institution.
- While 68% of income flows into checking accounts, only 26% of consumers earn meaningful rewards from them, according to Chime chief spending officer Janelle Sallenave.
- Instead, 52% of Americans seek rewards through credit cards; 81% have at least one card, and 22% keep fee-based cards because "that's just the way it is."
- A majority of those polled agree traditional banking needs an overhaul, with 39% citing rewards as the number one factor in choosing where to bank.
- Fifty-Nine percent of credit card users would cancel or downgrade their cards if checking accounts offered comparable rewards, indicating consumers follow value rather than brand loyalty.
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Many Americans loyal to longtime banks despite weak savings returns
One quarter of Americans still have the same bank as when they opened their very first account, new research has revealed. That’s according to a survey of 2,000 U.S. adults with a bank account, which was conducted by Talker Research…
·Cherokee County, United States
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Total News Sources41
Leaning Left4Leaning Right7Center14Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 16%
C 56%
R 28%
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