LOS ANGELES—A new study from GoBankingRates reveals the No. 1 feature consumers look for in a bank or credit union is low or no fees.
"In simple terms: Americans are really freaked out about losing money, more so than they are about growing their wealth," Jamie Cutmull, a GoBankingRates representative said in an e-mail.
The group surveyed more than 1,500 people, and 45% of respondents said their chief concern when choosing an FI is avoiding fees. Online and mobile banking (17%) was the next-highest-ranked priority, followed by convenient branch locations (14%). Interest rates and customer service (12% each) ranked lowest on the list.
But GoBankingRates also found that 46% of respondents earning between $100,000 and $149,999 annually said interest rates were a higher priority to them than other factors.
"These findings support the theory that those who don't have a lot of money to begin with are less inclined to put their financial growth and stability in the hands of external forces, instead trying to avoid the line of fire that overdraft and checking account fees present against their savings," GoBankingRates said.
Nearly 23% of respondents age 18-24 said online and mobile banking capability was most important to them, whereas respondents age 65 and older were most concerned with customer service.
