LOS ANGELES (12/8/15)--A little more than 50% of U.S. consumers maintain accounts with only one financial institution, a recent report from GOBankingRates.com has found.
While 54% of Americans are loyal to one financial institution, the survey revealed, 46% have accounts with at least two.
"Both loyalty and maintaining multiple accounts are fairly common financial behaviors, and both have their benefits," said Elyssa Kirkham, the survey’s lead reporter. "Bank customers should carefully decide where to keep their money and regularly assess the service they receive. Opening or closing an account could be an opportunity to avoid costs and fees or maximize benefits like high deposit rates."
The survey also found that 60% of Americans who have accounts at multiple financial institutions limit themselves to two, while only 19% of consumers use three or more financial institutions.
By age, millennials--between the ages of 25 and 34--and Gen Xers--between the ages of 35 and 44--were the groups most likely to maintain accounts at two or more financial institutions. On the other hand, young millennials between the ages of 18 and 24 were more likely to only work with one financial institution.
Furthermore, men were more likely than women to have accounts at multiple financial institutions.
“When it comes to gender differences, women are 11.4% more likely than men to bank with a single institution,” the survey found. “Men, on the other hand, are more likely to have accounts with three or more banks and are nearly twice as likely as women to have accounts with four or more banks.”