46% of Americans Are 'Cheating' on Their Bank, Survey Finds

A new survey from GOBankingRates gives fresh insights into bank customers' behaviors, finding that 54 percent of Americans have accounts with just one bank while 46 percent have accounts with multiple institutions

07 Dec, 2015, 07:15 ET from GOBankingRates

LOS ANGELES, Dec. 7, 2015 /PRNewswire/ -- The majority of Americans, 54 percent, are loyal to their banks, according to a report from leading personal finance website GOBankingRates.com. These bank customers have an active account with only one bank, while the remaining 46 percent of depositors have accounts with two or more banks.

GOBankingRates surveyed Americans' responses to the question, "How many banks do you currently have an active bank account with?" and analyzed responses, including insights into answers by age and gender1.

To see the full study findings, visit:
http://www.gobankingrates.com/banking/46-americans-cheating-on-bank-survey-finds/

"Both loyalty and maintaining multiple accounts are fairly common financial behaviors, and both have their benefits," said Elyssa Kirkham, the lead GOBankingRates reporter on the survey. "Bank customers should carefully decide where to keep their money and regularly assess the service they receive. Opening or closing an account could be an opportunity to avoid costs and fees or maximize benefits like high deposit rates."

Additional Insights:

  • Two banks most common after one: Most Americans (60 percent) who bank with multiple institutions limit themselves to two banks. Only 19 percent of Americans bank with three or more financial institutions.
  • Banking relationships by age: Older millennials (ages 25 to 34) and young Gen Xers (35 to 44) are the groups most likely to have accounts with two or more banks. Young millennials (18 to 24) are the most likely to have an account with just one bank.
  • Men have multi-bank relationships: Men are more likely than women to have accounts with multiple banks.

1 For the full methodology, visit GOBankingRates.com.

About GOBankingRates

GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, Huffington Post and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.

Contact:

Connie Lundegard, Media Relations
GOBankingRates.com
conniel@gobankingrates.com  
310-297-9233 x112

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SOURCE GOBankingRates



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