A recent survey from Credit One Bank found that a majority of banking adults actively monitor and move their money to maximize their yields. Traditional banks may have to rethink their strategies as consumers seek higher interest rates.

Key Findings

The survey showed that over two-thirds of respondents said a 4% annual percentage yield (APY) is the minimum to get them to move their funds. For Gen Z, that threshold was nearly 4 in 10. This benchmark puts pressure on traditional banks, with the national average savings rate sitting at 0.38%.

Younger consumers are more likely to move their funds, with roughly two-thirds of Gen Z respondents reporting they moved some of their savings to a different bank for a higher savings rate. In contrast, fewer than 3 in 10 Baby Boomers made a similar move.

Those preparing for a child were the most active rate shoppers in the study, with nearly 7 in 10 of pregnant or expecting respondents saying they moved their savings to another bank in the last 12 months.

The data indicates that the financial pressure of expanding a family serves as a catalyst for account management. Expecting parents are highly sensitive to interest rate fluctuations and are quicker to seek out higher-yielding alternatives.

Original reporting: KRDO (Colorado Springs metro) — read the source article.