The personal-finance website WalletHub released the results of its nationally representative 2023 Banking Survey and its Q3 Banking Landscape Report, which showcase consumer sentiment and detail the average fees, features, and rates associated with more than 2,200 checking accounts and savings accounts.
Banking Survey:
- Interest Rates Impact Spending: More than 3 in 5 Americans say high interest rates are making them want to spend less money.
- Squirreling Away Savings: 56% of people say they are keeping more money in their bank accounts right now versus last year due to higher interest rates.
- Concerns About Small Banks: 46% of people say they’re hesitant to put their money in a small bank or credit union.
- Interest Rate Preferences: 56% of Americans say they care more about interest rates on bank accounts than on credit cards.
- Upcoming Account Openings: Almost 1 in 3 people plan to open a new bank account in the next 12 months.
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