Money Matters - Banking Landscape Report

 The personal-finance company WalletHub recently released the results of its nationally representative 2025 Banking Survey and its Q2 Banking Landscape Report, which showcase consumer sentiment and detail the average fees, features, and rates associated with more than 3,200 checking and savings accounts.

Banking Survey:

• Tariffs on Savings: 71% of Americans think tariffs will hurt their bank account balance.
   
• Open Banking Benefits: Nearly 9 in 10 Americans believe that seeing all their accounts in one place helps them make better financial decisions.
   
• Inflation Outpacing Savings: More than 3 in 5 Americans think the money in their bank accounts is not keeping up with inflation.
   
• High Rates Depress Spending: 55% of Americans say high interest rates are making them want to spend less money.
   
• Customers Feeling Exploited: Nearly 2 in 5 Americans believe their bank is taking advantage of them.
   
• Higher APYs Incentivize Saving: 79% of people think they would save more if their savings account had a higher interest rate.

Learn more: 2025 Banking Survey

Banking Landscape:

• Online Savings’ Leading Rates: Online-only personal savings accounts provide the market’s highest interest rates, offering 2.9X higher returns than traditional checking accounts.
   
• Credit Union Benefits: Credit unions offer 57X higher interest rates on checking accounts than regional banks.
   
• Checking Account Fees: Checking accounts from credit unions are 75% less expensive than those from national banks.

Learn more: Q2 Banking Landscape Report
 

“Bank accounts are still a lot more attractive than most people realize. You can easily find an online savings account with an APY above 3.5%, yet many consumers are still earning interest at a rate closer to the market average of 0.38%. It’s no wonder that more than 3 in 5 people say the money in their bank account is not keeping up with inflation, according to a new WalletHub survey. Switching accounts might even motivate you to save more, as 79% of people say they’d stash away more cash if their savings account paid them more. Now is the time for people to put their money where their mouths are in that regard, as headwinds from tariffs and Fed rate cuts are bound to gust harder.”

- John Kiernan, WalletHub Editor

 

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