The personal-finance website WalletHub today released the results of its nationally representative 2018 Banking Survey, along with the latest market averages in its Banking Landscape Report and editors’ picks for the Best Online Checking Accounts. Here are some highlights:
- 94% of people could earn an average of 5.6 times higher rates on deposits by switching to an online-only bank account.
- 85% of people think savings accounts offer higher rates than checking accounts, despite the latter yielding more than twice as much on average (0.16% vs. 0.34%).
- More than two-thirds of people think bank accounts yield over twice as much as they actually do.
- 5 in 10 people have $1,000 or less in the bank, but 76% of people expect to have more money in the bank at the end of 2018.
- As many people want $1K in Bitcoin (9%) as in a CD (9%). Cash (30%) and a bank account (30%) were the top choices.
- Despite 84% of people saying small businesses should receive rates that are at least as high as those consumers get, consumers enjoy interest rates that are more than three times higher on average (0.34% APY for consumers vs. 0.10% for businesses).
- 28% of people trust Uber drivers more than bankers, and 16% of people would rob a bank if they knew they wouldn’t get caught.
For the complete survey, please visit: https://wallethub.com/best-online-checking-account/#survey
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