Savings & Retirement
Americans Hunt for New Banks as Inflation Stretches Their Budgets
As everyday costs rise, retail banking consumers are shifting money around to other institutions.
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Roaring inflation is testing how loyal US consumers are to their banks.
With soaring prices stretching household budgets, consumers are increasingly switching banks as they hunt for better interest rates to boost their savings. Roughly 27% of retail banking consumers shifted some of their money from their primary bank to another institution in April, citing various reasons for seeking other options, according to a survey from J.D. Power.