You should date around with banks, experts say
More than half of Americans are loyal to their primary bank
Big banks kick off earnings season this week – Wells Fargo Securities senior analyst Mike Mayo discusses what we should be looking out for.
The money experts at Marcus by Goldman Sachs believe consumers should play the field until they find a bank that treats them right. This piece of advice goes hand-in-hand with the financial institution's recent "Love and Finances Survey," which uncovered how Americans really feel about their banking relationship.
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For the most part, people in the U.S. are pretty loyal to their bank. More than half reported they feel that their current relationship with their primary bank will last longer than 10 years. Additionally, 52 percent of Americans said they have not tried out different banks.
However, this becomes a little different when taking a look at single Americans – who might be open to joining a new bank in the case of marriage or another life-altering event. A little over a third of single respondents reported they feel their current relationship with their primary bank will last more than a decade.
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Instead of "settling," experts at Marcus by Goldman Sachs recommend consumers think about the relationship they want to be in, whether it be a cash bonus, a rewarding annual percentage yield or a low annual percentage rate. Whatever it is that you're looking for, the survey's corresponding report stresses that banking should be a mutually beneficial relationship.
And it turns out savings were a particularly important sticking point for most respondents – with six in 10 Americans saying their primary bank offers a high interest rate on their savings account.
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Of the 48 percent who said they have dated around with banks, 59 percent reported they found a solution that helped them save more money.
Of the 52 percent of those who have not dated around with banks, 53 percent reported they think it would not help to improve their finances. Only 11 percent said they think it would help them improve their finances.
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The survey received responses from 1,908 Americans to make its determinations.