45% of Americans Choose Banks Based on their Fees, According to New GOBankingRates Survey
New GOBankingRates survey finds fees are the most important factor for Americans considering a bank or credit union, more so than interest rates, convenience and mobile banking combined
LOS ANGELES, Feb. 11, 2014 /PRNewswire/ -- New data from GOBankingRates, a premier personal finance website, reveals that the primary feature consumers seek in a financial institution is few or no fees on products and services.
Forty-five percent of survey respondents reported "low or no fees" as being the most important banking feature or service offered by a financial institution, followed by online and mobile banking (17 percent), convenient branch locations (14 percent), exceptional customer service (12 percent) and great interest rates (12 percent).
"These findings really speak to Americans' aversion to losing money," said Jennifer Calonia, senior editor of GOBankingRates. "However, this might be the very handicap preventing bank customers from succeeding at saving money and growing wealth. As interest rates rise, it will become more important for the average consumer to find high-yielding accounts."
Additional Findings from www.GOBankingRates.com
- Of those who earned the highest income polled ($100,000 to $149,999), only 7 percent considered fees to be the most important factor in a financial institution.
- Nearly 50 percent of those making $100,000 to $149,999 said great interest rates were of the utmost importance.
- The youngest age bracket, 18 to 24, was more concerned about online and mobile banking than any other demographic.
- The oldest group (65 and older) prioritized exceptional customer service more than any other group.
GOBankingRates also released an infographic depicting top findings from the survey. To view and download the graphic, go to http://bit.ly/1fZQepZ.
GOBankingRates' 2014 Banking Features Survey was executed by Google Consumer Surveys. Participant size was 1,517 respondents.
GOBankingRates is a personal finance resource that connects consumers with and educates them about the leading interest rates nationwide on deposit products and loans. Its interest rate database aggregates rates from more than 4,000 national, local and online financial institutions. To learn more about consumer interest rates, visit http://www.gobankingrates.com/savings-account/.
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