What’s the Status of Checking Accounts That Were Opened to Get A Special Rate on Another Account?
Households that opened a checking account in order to obtain a special rate on another account were asked to indicate the status of that checking account. Of those households, six out of 10 (61%) report that the checking account they opened is an active account. One-fifth (23%) indicate that the checking account that was opened is dormant.
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About RFG’s national consumer research
Financial institutions receive national consumer research through RFG’s Strategic Planning Study Group (SPSG), a marketing research program consisting of semi-annual consumer surveys on current industry topics derived from RFG’s research process.
Based upon 1,155 survey responses of a randomly drawn sample of members of a nationally representative direct mail panel, the consumer responses used in this study were weighted to reflect the nation’s demographic composition. The study’s confidence interval for any proportion gathered in the survey is in a range of 1.7% to 2.9% at the 95% level of confidence.
For more information about RFG’s national consumer research, visit www.raddon.com/spsg.
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