Web Insight 139xxx: how much would you pay for banking services?
How much do people expect to pay for an active bank account if they maintain a certain minimum balance?
In our banking study we asked people how much they would expect to pay to keep an active account if they were to maintain a balance of $1,000 or more.
A majority of respondents, each of whom was 18 years of age or older and had at least one bank account, believed that the account should cost nothing. Overall, 80 percent of respondents said that the account should be free.
Eleven percent said that it should cost less than five dollars. Only eight percent said that it should cost more than that.
The main variable distinguishing those more or less likely to say that the account should be free was age.
Seventy percent of respondents aged 18-34 said that the account should cost nothing. This compares with 72 percent of those aged 35 to 44, 84 percent of those 45 to 54, 89 percent of those in the 55 to 64 cohort, and 92 percent of those aged 65 and above.
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April 6, 2020