Survey: Americans Stick With the Same Bank Accounts for Nearly Two Decades

Americans are staying loyal to their banks and credit unions, holding on to their checking and savings accounts for an average of 17 to 19 years, according to a new Bankrate survey.

More than 40% of respondents cited convenience as the main reason for keeping the same accounts, noting that they’ve always used them and appreciate the availability of branches and ATMs.

The survey also revealed that three-quarters of U.S. adults have a checking account, while two-thirds maintain a savings account. However, only about a quarter of them have opened a new account within the past five years, suggesting that most consumers prefer to stick with familiar banking institutions rather than switch to new options.

While some experts suggest shopping around for better rates and benefits, many Americans appear to value familiarity and accessibility over potential financial gains.

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