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Banking and Cards Research
Digging into the Customer Experience: Banking and Credit Cards
Corporate Insight’s Bank Monitor, Credit Card Monitor and Small Business Card Monitor provide ongoing coverage of the products, websites and overall customer experience offered by the nation’s leading banks and card issuers. Our value-added banking and credit card research digs deeply to evaluate the retail and small business customer experience.
While almost every banking firm offers a variety of financial and depository products to clients, the primary accounts most consumers continue to rely on are checking accounts. In this report, we look at the various checking account options currently available, investigating the fees, requirements and capabilities for each. This report is our first that focuses solely on demand deposit accounts, and covers both standalone checking product and bundled accounts.
Checking accounts continue to be a primary driver of client relationships at firms, as prospects looking for basic ways to store and access their money move to a new bank. In this edition of Bank Monitor, we take a detailed look at the checking accounts and checking-based packages that firms are currently offering online, focusing on the following questions:
One feature that many firms offer to attract prospects to higher-tiered accounts continues to be interest, with fully 40% of checking products in this report offering this perk. The average APY on these accounts is currently hovering at 0.06% for a $1,000 balance, while the highest APY, offered by three accounts, is 0.25%. Interestingly, three firms are offering interest rates on accounts that carry no maintenance fee – a nice bonus for account holders.
As we examined each bank’s checking accounts for this report, we uncovered a few more key findings: