The personal-finance company WalletHub today released the results of its nationally representative 2026 Banking Survey and its latest Banking Landscape Report, which showcase consumer sentiment and detail the average fees, features, and rates associated with more than 3,300 checking and savings accounts.
Banking Survey:
- Not Earning Enough: 56% of people say they’re not satisfied with the interest rate on their bank account.
- Less Reason to Save: Nearly 2 in 5 Americans say the Federal Reserve reducing interest rates makes them less interested in saving money.
- Banking Trust: More than 1 in 3 Americans believe their bank is taking advantage of them.
- Eroding Bank Balances: 3 in 5 Americans say the money in their bank accounts is not keeping up with inflation.
- Spreading the Wealth: 51% of people plan to open a new bank account in the next 12 months.
- Seeing the Full Picture: 84% of people believe that seeing all their accounts in one place helps them make better financial decisions.
Banking Landscape:
- Best Rates: Online-only personal savings accounts provide the market’s highest interest rates, offering 2.7X higher returns than traditional checking accounts.
- Checking Account Rates: Credit unions offer 60X higher interest rates on checking accounts than regional banks.
- Checking Account Fees: Checking accounts from credit unions are 76% less expensive than those from national banks.
- Best Checking Account: mph.bank Free Checking Account (4.00% APY)
- Best Savings Account: Pibank Savings (4.60% APY)
- Best 1-year CD: FinWise Bank CD (4.10% APY)
Learn more: Banking Landscape Report, Best Savings Accounts, Best Checking Accounts, Best CD Rates
“Most people are not satisfied with the interest rate on their bank account, according to a new WalletHub survey, and a lot of them likely assume that all hope of a high rate is lost now that the Federal Reserve is in the process of cutting its target rate. But high-yield bank accounts are still out there, people can still get returns above 4% risk-free. You just need to know where to look and perhaps expand your search beyond neighborhood institutions. Online-only savings accounts tend to offer the highest rates, for example, and checking accounts from credit unions have high rates and low fees compared to regional and national banks. While bank account rates average way less than 1%, you can get 4X that from one of the best accounts.”
- John Kiernan, WalletHub Editor
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