Survey reveals how Americans’ relationships with their banks are evolving in a digital-first era

Raisin's new report, 2026 State of Consumer Banking Report, reveals that 65% of Americans have switched banks at least once, and nearly one-third have switched multiple times. The report’s findings highlight a clear evolution in consumer behavior: Americans are increasingly making banking decisions based on tangible benefits, digital tools, and overall value rather than sticking with familiar brands.

While large banks still hold the majority of deposits, loyalty alone is no longer enough. As consumers gain greater awareness of alternative banking options and can more easily compare offerings, expectations are rising across generations. A survey of 750 Americans shows that while Gen Z and millennials are more likely to adopt digital-first tools, consumers of all ages prioritize convenience, transparency, and value. But despite these shifting expectations, savings behavior hasn’t fully caught up, and many customers continue to earn less on their savings than they could.

Key Findings From the Study:

• Lack of loyalty to banks:
  • Nearly two-thirds of Americans have switched banks at some point, though many hesitate to switch again due to administrative hassle rather than true loyalty.
  • 20% stay because most banks seem the same.
  • 51% remain because they feel comfortable and confident that their bank is secure and reliable.
  • 32% say setting up new accounts and transferring funds is inconvenient.
• Americans are breaking with tradition when it comes to banking:
  • Gen Z is nearly twice as likely to use a digital-first bank as their primary institution (10% vs. 6% overall).
  • Gen X (11%) also shows higher adoption of non-traditional banking tools compared to baby boomers (7%).
• Americans are leaving money on the table
  • Only 7% of Americans are earning 4.00% APY or more on their savings, and nearly one-third (31%) don’t know their savings interest rate at all. Among baby boomers, that figure rises to 38%, the highest of any age group.
  • Higher earners making more than $150,000 are more likely to know their savings rate, earn an APY of 3.00% or more on their cash, and compare interest rates between banks.

“Americans expect more convenience, better returns, and seamless digital experiences,” said Alastair Wood, CEO at Raisin. “Consumers are no longer passive in their banking decisions; they are actively evaluating where they store and save their money. Financial institutions that fail to deliver clear-cut value will risk losing customers and deposits to more agile competitors.”

Together, Raisin’s 2025 State of Homebuying Report and its 2026 State of Consumer Banking Report reveal a clear shift in consumer expectations around savings, access, and value. As affordability pressures push aspiring homebuyers to save longer, make personal sacrifices, and even keep cash outside the traditional banking system, consumers – starting with younger generations – are increasingly demanding digital-first experiences, better rates, and clearer value from financial institutions. For banks, these findings underscore a critical opportunity: to modernize savings products, improve transparency, and meet consumers where they are with flexible, technology-driven solutions that help them reach major financial milestones while maintaining long-term financial health.

Raisin’s 2026 State of Consumer Banking Report is based on a nationally representative survey commissioned by Raisin U.S. For more information about Raisin, visit www.raisin.com.

About Raisin

Raisin is a no-fee, online savings platform whose mission is to give people more ways to save with fewer hassles. They connect savers to market-leading rates on CDs and high-yield savings accounts from a network of banks and credit unions nationwide. Raisin operates in 10 markets around the world, serving over 1 million customers. Raisin has helped savers earn more than $5 billion in interest globally.

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