On Average, Customers Keep the Same Checking Account for 19 Years

While many banks offer perks to entice customers to switch, most Americans stick with their current accounts for a long time. On average, those with a checking account have kept it for 19 years, valuing the convenience of staying put over incentives to move, according to Bankrate.

The Checking Account Survey found that the average time to hold on to a checking account varies by institution type. Customers keep accounts for an average of 19 years at banks or credit unions with physical branches, while those with online-only institutions hold them for just 6 years.

Meanwhile, customers have held their savings accounts for an average of 17 years. This breaks down to 18 years for those with banks or credit unions that have physical branches and just 6 years for online-only institutions.

The report also found that older customers tend to keep their accounts longer. On average, Gen Z has held their checking account for 5.6 years and their savings account for 5.8 years, while baby boomers have kept theirs for 27.4 years and 26.9 years, respectively.

Banks often encourage new customers to switch accounts with perks like sign-up bonuses, high yields, and no fees, often making it easy to open an account in minutes. However, when asked why they haven’t switched, 43% of checking account holders cited the convenience of staying put.

Specifically, 18.3% said it's the account they've always had, 13.2% cited convenient branch or ATM locations, 9.5% felt switching would be too much hassle and 1.9% reported they don't have the time to research or shop for other options.

No or low monthly fees were the top reason for sticking with a bank account, with 18.4% of customers citing this as their main factor for staying with their current bank.

However, Ted Rossman, senior industry analyst at Bankrate, said it’s important to reevaluate your bank accounts periodically.

He said: “You’re probably not wearing the same clothes or driving the same car that you had two decades ago. Your lifestyle changes and your bank accounts should, too. It’s important to shop around every year or two to make sure that you’re getting the best deal.”