The 2025 banking survey from WalletHub yielded some interesting data from U.S. banking consumers.
Among the highlights of the annual survey, 71% of Americans think tariffs will hurt their bank account balance, and more than 3 in 5 Americans think the money in their bank accounts is not keeping up with inflation. More than half (55%) of Americans say high interest rates are making them want to spend less money, and nearly 80% of people said they would save more if their savings account had a higher interest rate.
On a positive note, when it comes to the benefits of open banking services, 9 in 10 Americans believe that seeing all their accounts in one place helps them make better financial decisions. Some customers, however, reported feeling “exploited” by their banks, with nearly 2 in 5 Americans saying that they believe their bank is taking advantage of them. Forty percent of people said that “unfamiliarity” is the main factor keeping them from trying a small bank. Nearly 60% said that a higher interest rate is the most important factor when considering switching bank accounts.
“Bank accounts are still a lot more attractive than most people realize,” said John Kiernan, WalletHub editor. “You can easily find an online savings account with an annual percentage yield 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.”
