When consumers shop for a new savings account, their top consideration is strong safety, security and fraud protection, with 61% of respondents saying it was the top factor, according to a new survey from financial technology company SaveBetter.
The second most cited factor for consumers was a lack of fees, with 56% reporting that it was a top factor. Fifty-five percent said it was important to ensure the account was FDIC-insured, according to the survey, which examined the effects of COVID-19 on consumer banking behavior.
The survey also found that twice as many respondents moved money into savings accounts rather than out of them during the pandemic, and that a majority reported saving more for anticipated future events since the start of the pandemic. Looking ahead, a majority of respondents said they plan to save more in 2021, while 65% said they plan to spend less.