MIAMI—What people think about deposit accounts has markedly changed in recent years, largely due to higher interest rates, according to a new study that also uncovers a consumer perspective that should concern credit unions.
WalletHub’s 2025 Banking Survey gauges consumer sentiment about the “revitalized” banking environment.
Among the findings is that almost 40% of consumers are not trying a smaller financial institution because of their “unfamiliarity” with the organization and their offerings.
The report also shows that inflation is eroding savings, with nearly two in three Americans thinking the money in their bank accounts is not keeping up with inflation.
But credit unions are not the only FI that should be worried about what the WalletHub data show. The study reveals many consumers feel “exploited” by banks. More than two in five Americans think their bank is taking advantage of them.
As far as what people value most when choosing a banking account—it’s fees. The study shows 40% of people say fees matter the most, while 30% prioritize interest rates and 15% focus on branch locations
Nearly two in three Americans say high interest rates are making them want to spend less money.
And—no surprise—the study shows consumers back the CFPB in their overdraft efforts, with three in four people supporting a $5 cap on OD fees.