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Loyal to a Fault: Why Staying With the Same Bank Is Costing You
Are you sticking with your bank because it's easier?
Is your current car still the first car you ever got? Odds are, probably not.
But chances are you’re still using your first checking account. According to a recent survey from Talker Research and the banking app Chime, many Americans may still be using their first-ever checking account and have never even considered changing their primary bank account. This unearned loyalty could be costing you real money year after year.
Many Americans have never considered switching banks
The May 2026 survey revealed that over a third of Americans (36%) haven’t considered switching banks ever.
Additionally, people are choosing to stay with that institution for an average of 17.4 years. For baby boomers, 26% of them stay with their bank for nearly 30 years.
The heart of the survey shows that Americans are loyal to their banks, and loyal to a fault. But why are we so resistant to switching banks? Turns out, this is a heavily studied subject — well, not specifically about changing banks, but our human resistance to change in general.
Why aren’t we changing banks?
There can be any number of reasons why we don’t switch banks, but often, it all ties back to the same reasons why we can never seem to start going to the gym: it’s hard.
We can link the reluctance to change banks to the status quo bias, which is the preference for sticking with what we know. Simply put, it is easier to stay with your current bank than to go through the hassle of switching banks.
Think about it; list everything that is tied to your bank account. Your paycheck, your savings contributions, automatic payments for car notes and subscription services, your debit cards in your wallet and virtual debit cards on your phone. All of these things are directly tied to your account, which means changing your bank account has a huge ripple effect on the rest of your finances.
Companies and banks know this human flaw and wield it to their advantage. Once you’ve linked your bank accounts, set up direct deposit, order checks and get your debit cards, you’re more likely to stick with that bank because it’s more convenient to do so. As a result, some institutions have little incentive to improve rates or reduce fees for long-standing customers who remain regardless of the competition.
Sticking with your bad bank can mean losing money
Some of the biggest banks in the US have some of the worst savings rates, such as the Chase Savings account and the Wells Fargo Way2Save Savings account both offering just 0.01% APY.
For comparison, the average interest rate for a savings account is 0.38%, as reported by the FDIC. So while Chase and Wells Fargo are among the Big Four banks, they have extremely low interest rates, and your savings isn’t even earning enough to combat inflation.
By leaving your savings in a low 0.01% APY account, your money is losing purchasing power to inflation year after year compared to a high-yield savings account.
Someone with $10,000 in a savings account earning 0.38% would make just $38 annually in interest. At a 4% rate, that same balance would earn roughly $400 per year.
Some of the best high-yield savings accounts are from online banks and digital banking apps, such as Wealthfront’s Cash Account with up to 3.30% APY, SoFi Checking and Savings with up to 3.30% APY and Pibank Savings with up to 4.6% APY.
The rewards gap
The survey found that most people (68%) deposit their income into their checking account, with only 16% opting to have their money in their savings. Unless you have an interest-bearing checking account, this is not the best place for your direct deposits, as the national average interest checking is paying 0.07% in April 2026.
Not only are people leaving money on the table by keeping their money in a low-interest account, the survey also found that one in three Americans (30%) didn’t know that some bank accounts offer rewards, even with no annual fee products.
By staying with a single institution and not taking advantage of sign-up bonuses or rewards programs, folks are simply missing out.
Bottom line: Switch banks if its not serving you
We are in a time where digital high-yield savings accounts are abundant, and you no longer have to deposit your money with the nearest bank in your area.
And to top all of this off, perhaps one the most shocking revelations from the Talker Research survey is that 28% of respondents have no idea what interest rate their savings account earns.
Check what your savings account is earning. If it’s below the current inflation rate, your money is losing purchasing power. To help you out, the Consumer Price Index inflation rate is 3.81%. Knowing that, aim for a savings account with a rate near that figure.
Just like how you would compare prices of anything else you’d buy, you should also shop around for the best bank account you can get; even though it’s a pain in the neck.
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