In 2020, deposits in both the United States and Canada experienced interest rate drops to near bottom level rates, yet banks saw deposit balances grow to record levels. The personal savings rate for the United States surged to 33.7% in April 2020 and remained in the teens for most of the year. Canada also saw a similar upward growth in savings.
Amid this surge in deposits, banks were focused on addressing customer needs, from overdraft forgiveness to the removal of withdrawal limits for savings accounts. US Banks experienced increased deposits as federal stimulus payments were issued and curtailed spending by account holders. For banks and their deposits, 2020 was a year like no other.
FICO’s 2020 Deposits Consumer Survey uniquely captures the sentiments of deposit account holders and gives a glimpse into their financial decision making and perspectives on how deposit products can meet their needs, including the following:
- Many deposit customers have experienced financial stress, which impacts their view of their accounts
- Account holders are more in tune with rates and product attributes given dramatic rate changes and lifestyle restrictions
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