Misperceptions Preventing Americans From Earning More on Their Money Ahead of Holiday Season, Santander Survey Finds
A recent Santander Bank survey reveals that many Americans are missing opportunities to earn more interest on their savings due to misconceptions about high-yield accounts. Despite higher-rate savings accounts offering significant returns, over 70% of consumers aren't utilizing these options. Key findings show that 56% of high-yield account holders earn at least 3% interest, substantially above the national average of 0.45%.
The survey identified five main misconceptions preventing adoption, including beliefs about bank relationships, FDIC insurance, and account setup time. With holiday shopping approaching, 58% of respondents say it will negatively impact their savings goals, while 75% would prefer receiving money as gifts. The study also found that saving became more challenging in Q3, with only half of savers adding to their balances in August and September.
Un recente sondaggio di Santander Bank rivela che molti americani stanno perdendo opportunità di guadagnare più interessi sui loro risparmi a causa di idee sbagliate sui conti ad alto rendimento. Nonostante i conti di risparmio ad alto tasso offrano ritorni significativi, oltre il 70% dei consumatori non sta sfruttando queste opzioni. I principali risultati mostrano che il 56% dei titolari di conti ad alto rendimento guadagna almeno il 3% di interesse, ben al di sopra della media nazionale dello 0,45%.
Il sondaggio ha identificato cinque principali fraintendimenti che ostacolano l'adozione, comprese le credenze sulle relazioni bancarie, l'assicurazione FDIC e il tempo necessario per l'apertura di un conto. Con l'avvicinarsi degli acquisti per le festività, il 58% degli intervistati sostiene che ciò influenzerà negativamente i propri obiettivi di risparmio, mentre il 75% preferirebbe ricevere soldi come regali. Lo studio ha anche trovato che risparmiare è diventato più difficile nel terzo trimestre, con solo la metà dei risparmiatori che ha aggiunto fondi ai propri saldi ad agosto e settembre.
Una encuesta reciente de Santander Bank revela que muchos estadounidenses están perdiendo oportunidades para ganar más intereses sobre sus ahorros debido a conceptos erróneos sobre cuentas de alto rendimiento. A pesar de que las cuentas de ahorro de tasas más altas ofrecen retornos significativos, más del 70% de los consumidores no está utilizando estas opciones. Los hallazgos clave muestran que el 56% de los titulares de cuentas de alto rendimiento gana al menos un 3% de interés, muy por encima del promedio nacional del 0.45%.
La encuesta identificó cinco conceptos erróneos principales que impiden la adopción, incluidas creencias sobre las relaciones bancarias, el seguro FDIC y el tiempo de configuración de cuentas. Con la llegada de las compras navideñas, el 58% de los encuestados afirma que esto afectará negativamente sus objetivos de ahorro, mientras que el 75% preferiría recibir dinero como regalos. El estudio también encontró que ahorrar se volvió más difícil en el tercer trimestre, con solo la mitad de los ahorradores aumentando sus saldos en agosto y septiembre.
최근 산탄데르 은행의 조사에 따르면, 많은 미국인들이 고수익 계좌에 대한 오해로 인해 저축에서 더 많은 이자를 벌 기회를 놓치고 있습니다. 고금리 저축 계좌가 상당한 수익을 제공함에도 불구하고, 70% 이상의 소비자가 이러한 옵션을 활용하지 않고 있습니다. 주요 발견 사항에 따르면, 고수익 계좌 보유자의 56%가 최소 3%의 이자를 벌고 있으며, 이는 국가 평균인 0.45%보다 훨씬 높은 수치입니다.
조사에서는 은행 관계에 대한 믿음, FDIC 보험 및 계좌 설정 시간 등 채택을 방해하는 다섯 가지 주요 오해를 확인했습니다. 연말 쇼핑이 다가오면서, 응답자의 58%가 이것이 저축 목표에 부정적인 영향을 미칠 것이라고 응답했으며, 75%는 선물로 돈을 받는 것을 선호한다고 밝혔습니다. 연구에 따르면 3분기에는 저축이 더 어려워졌고, 8월과 9월에는 절반의 저축자만이 잔액을 추가했습니다.
Une étude récente de Santander Bank révèle que de nombreux Américains manquent des occasions de gagner plus d'intérêts sur leurs économies en raison de malentendus sur les comptes à haut rendement. Bien que les comptes d'épargne à taux élevé offrent des rendements significatifs, plus de 70 % des consommateurs n'utilisent pas ces options. Les résultats clés montrent que 56 % des titulaires de comptes à haut rendement gagnent au moins 3 % d'intérêts, bien au-dessus de la moyenne nationale de 0,45 %.
L'enquête a identifié cinq principaux malentendus qui empêchent l'adoption, notamment des croyances concernant les relations bancaires, les assurances FDIC et le temps nécessaire à l'ouverture d'un compte. Avec l'approche des achats de fin d'année, 58 % des répondants affirment que cela aura un impact négatif sur leurs objectifs d'épargne, tandis que 75 % préféreraient recevoir de l'argent sous forme de cadeaux. L'étude a également révélé qu'épargner est devenu plus difficile au troisième trimestre, avec seulement la moitié des épargnants augmentant leurs soldes en août et septembre.
Eine aktuelle Umfrage der Santander Bank zeigt, dass viele Amerikaner Gelegenheiten verpassen, um mehr Zinsen auf ihre Ersparnisse zu verdienen, aufgrund von Missverständnissen über Hochzinskonten. Trotz der Tatsache, dass hochverzinsliche Sparkonten erhebliche Renditen bieten, nutzen über 70 % der Verbraucher diese Optionen nicht. Wichtige Erkenntnisse zeigen, dass 56 % der Inhaber von Hochzinskonten mindestens 3 % Zinsen verdienen, was erheblich über dem nationalen Durchschnitt von 0,45 % liegt.
Die Umfrage identifizierte fünf Hauptmissverständnisse, die die Nutzung verhindern, darunter Überzeugungen über Bankbeziehungen, FDIC-Versicherung und die Zeit für die Kontoeröffnung. Mit den bevorstehenden Feiertagseinkäufen geben 58 % der Befragten an, dass dies ihre Sparziele negativ beeinflussen wird, während 75 % es bevorzugen würden, Geld als Geschenke zu erhalten. Die Studie zeigte auch, dass das Sparen im dritten Quartal schwieriger wurde, da nur die Hälfte der Sparer im August und September ihre Kontostände erhöht hat.
- None.
- None.
- Fewer savers added to their balances in recent months, with six in 10 stating it has become harder to save as the year has gone on.
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Less than three in 10 (
29% ) use high-yield savings products, which could help a typical saver could earn more than$400 -
Nearly six in 10 say holiday shopping will negatively impact their savings goals, and three in four prefer to receive the gift of money this holiday season.
The survey, conducted as part of a research series exploring Americans’ spending and savings habits, found that commonly held misperceptions about high-yield savings could be contributing to the low use. Among consumers who only have a lower-yielding traditional savings account, five misperceptions may be preventing them from using a higher-rate account to accelerate savings growth.
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Breaking up with your bank: Nearly six in 10 (
58% ) do not realize that you can open a high-yield savings account without leaving your primary bank.
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Security of funds: Six in 10 (
63% ) are unaware many high-yield savings accounts are FDIC-insured.
- Access to your money: Seven in 10 do not realize you can access savings in a high-yield savings account in a matter of days.
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Unaware of savings growth opportunity: Four in 10 do not know their current interest rate, and seven in 10 (
72% ) are not aware yields on savings are generally at their highest level in more than 15 years.
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Account set-up: Nearly eight in 10 (
78% ) think it takes 10 minutes or longer to open an online savings account, whereas some offerings can be set up in five minutes or less.
These misperceptions have led to inaction, and even regret, as
“Consumers work hard for their money, and their money should work hard for them,” said Swati Bhatia, Head of Retail Banking and Transformation at Santander Bank, which recently announced the
Missed Opportunities to Accelerate Savings Growth
Many Americans could earn more interest on their money and accelerate savings growth by using a higher-rate account. For example, a typical saver** with
Saving Was Harder in Q3
More than eight in 10 Americans (
The survey found half of savers added to their balances in August and September, the lowest readings this year, and six in 10 (
Holiday Shopping Hits Wallets
Saving could prove to be even more difficult in Q4, with an anticipated record-setting holiday shopping season just around the corner***. A third of Americans (
Methodology
This research on growing personal savings, conducted by Morning Consult on behalf of Santander US, surveyed 2,206 Americans adults. This Q3 study was conducted between September 27 – 29, 2024. The interviews were conducted online, and the margin of error is +/- 2 percentage points for the total audience at a
The full report and more information about the Santander Bank, N.A. survey can be found here.
About Santander Bank, N.A
Santander Bank, N.A. is one of the country’s leading retail and commercial banks, with
Openbank in
*According to the FDIC as of October 21, 2024
**The median savings in bank accounts is
***According to the National Retail Federation
View source version on businesswire.com: https://www.businesswire.com/news/home/20241119875270/en/
Media Contacts
Andrew Simonelli
andrew.simonelli@santander.us
Caroline Connolly
caroline.connolly@santander.us
Source: Santander Bank, N.A.
FAQ
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