January 27, 2026
Low Loyalty, High Inertia Is Currently Defining US Consumer Banking
American consumers are not as loyal to their banks as the industry might hope. They are simply reluctant to move.
According to Raisin’s 2026 State of Consumer Banking Report, 65% of Americans have switched banks at least once, and almost 30% have done it multiple times.
The study, based on a survey of 750 Americans, shows a banking market shaped less by devotion and more by friction. Customers stay where they are because it feels easier, safer, or familiar, not because their bank is clearly delivering the best value.
Banking Is Still in a CX Crisis
About a year ago, we looked closely at the state of customer experience in banking, and the picture was already uneasy. Twelve months on, there is little evidence that things have improved.
The Raisin report reveals that more than half of respondents say they remain with their current bank because they feel confident it is secure and reliable. Another 32% say the process of opening new accounts, moving funds, and updating payments is simply inconvenient. Only 20% believe most banks are effectively the same, making the decision to switch feel pointless.
The combination of low loyalty and high inertia explains why large banks still hold most deposits, even as customer expectations change. People are open to change, but not motivated enough to push through administrative hassle unless the upside is obvious.
Convenience Drives Choice
Consumers of all generations say they want convenience, transparency, and better value. Digital tools play a role, but they are not the full story. Customers increasingly expect their bank to make it easy to understand where their money is, what it earns, and why it should stay put.
Younger consumers are leading this shift, particularly Gen Z, who are nearly twice as likely as the general population to use a digital-first bank as their primary institution. Gen X also shows higher adoption of non-traditional banking tools than baby boomers.
Yet for all this talk of value, many Americans are still leaving money untouched. Only 7% of respondents earn 4.00% APY or more on their savings. Nearly a third do not know their savings interest rate at all. Among baby boomers, that figure rises to 38%, the highest of any age group.
Customers Are Loyal Out of Habit
The people most likely to pay attention are those with higher incomes. Americans earning more than $150,000 are more likely to know their savings rate, compare offers across banks, and secure higher returns. Everyone else appears more likely to accept low yields quietly, even while expressing dissatisfaction with their bank.
Customers say they expect more, but many are still anchored by habit. Inertia is doing what loyalty used to do, keeping accounts open and deposits in place without much enthusiasm.
Alastair Wood, CEO at Raisin, said: “Consumers are no longer passive in their banking decisions. They are actively evaluating where they store and save their money.”
Raisin’s consumer banking findings align with its homebuying research, which shows Americans saving for longer, delaying major milestones, and rethinking where they keep cash. Younger consumers, in particular, are more willing to look beyond traditional banks if better rates and digital-first experiences are on offer.
