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More Than 41 Percent of Americans Prefer Banking with Local Banks
A nationwide survey from GoBankingRates.com finds a majority of Americans prefer banking with local banks over national banks and credit unions.
LOS ANGELES, CA (July 18, 2013) — Results of a poll conducted by GoBankingRates.com finds 41.2 percent of respondents prefer banking with local banks over national banks and credit unions. Credit unions were favored by 34.4 percent of respondents, while 22.9 percent selected national institutions (1.5 percent chose “other”).
“While there has been a surge in movement from banks to credit unions in recent years, Americans are still an incredibly diverse group when it comes to financial priorities and concerns,” stated GoBankingRates.com managing editor, Casey Bond. Additionally, Bond noted, “The benefits of credit union membership are becoming increasingly apparent to consumers, but it will take some more time before they’re the prevailing choice.”
Key Findings:
- Responders 65+ in age prefer local banks more than participants in any other age range (at 50.5 percent), whereas just 33.5 percent of 25-34 year olds and 33.6 percent of 18-25 year olds prefer local banks.
- 18-24 year olds prefer national banks over credit unions and local banks at 38.5 percent as opposed to 17.6 percent of respondents age 65+.
- Responders in the Midwest region of the United States prefer local community banks the most, at 50.8 percent, while those in the West preferred it the least, at 34.0 percent.
- Those living in major cities preferred credit unions, at 36.7 percent, followed by national banks, at 25.6 percent, whereas people living in rural communities heavily preferred local community banks, at 49.7 percent.
“The results are not surprising considering that community banks [are] a source of leadership and local decision-making authority,” said Andrew Howard, managing editor of CBInsight.com to GoBankingRates.com. “There will always be a strong demand for community banks within our financial system, and the results from this survey show that,” he stated.
The survey was conducted by Google Consumer Surveys and can be seen in its entirety here: http://bit.ly/15nJgE5.
The survey was conducted between June 13thand 15th. 51.6 percent were male while 48.4 percent were female. The root mean square error was 2.3.
In a separate, unscientific survey of GoBankingRates.com, USNews.com, Boston.com, AL.com, and TheCityWire.com visitors, credit unions were preferred with 73.76 percent of votes.
About GoBankingRates.com
GoBankingRates.com is a personal finance website that connects consumers with the best interest rates nationwide on savings, CD Rates and checking accounts, as well as auto and mortgage loans. They collect rates from over 5,000 banks and credit unions, making it the only rates aggregator that provides comprehensive local rates. GoBankingRates.com’s editors have been featured on several top media outlets such as US News, Yahoo! Finance, Forbes, The Street, LA Times, Huffington Post and more.