US adults most likely to favor Bank of America or Chase when opening new bank accounts
New data from Financial Services CategoryView explores US adults' preferences when deciding where to open a new bank account. Bank of America and Chase are the top choices, with each being considered by 17% of Americans. Capital One Bank follows closely at 15%, while Wells Fargo stands at 11%. Citibank and USAA each garner 10% consideration. However, these preferences shift significantly when analyzed by income levels.
Among lower-income Americans (those earning less than 75% of the median income), Chase and Bank of America receive 14% consideration, with Capital One Bank close behind at 13%. Wells Fargo and Citibank are also in the mix, though with slightly lower consideration at 10% and 8%, respectively.
For middle-income earners (those earning between 75% and 200% of the median), Bank of America takes the lead with 21% consideration, followed by Chase at 19%. Capital One Bank also sees a stronger position with 17% consideration. USAA and Wells Fargo follow, with 14% and 13% respectively.
In the higher income bracket (those earning more than 200% of the median income), Chase comes out on top with 25% consideration. Capital One Bank and Bank of America are tied at 18%, while Citibank and USAA also see significant interest, at 16% and 14% respectively.
These variations suggest that while some banks maintain broad appeal across different income levels, others are more popular with specific groups. Understanding these preferences can help financial institutions tailor their offerings to better meet the needs of various customer segments.
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Methodology: YouGov Financial Services CategoryView collects data on brands & consumers across the US every month. The data is based on the interviews of more than 9,000 American adults aged 18+ between March and August, 2024. Learn more about YouGov Financial Services CategoryView.