Gen Z wants better banking rates, but most aren’t doing the work

The data: Gen Zers prioritize competitive rates and low fees when choosing a bank, but that hasn’t prompted most of them to shop around for better rates, according to an October 22 FinanceBuzz survey conducted in partnership with Wells Fargo.

  • 90% of Gen Zers say low banking fees are very or extremely important when choosing a bank.
  • 75% say the same about interest rates, the highest share of any generation.
  • Yet just 39% have compared their bank's interest rates with competitors' over the past year.

Among Gen Zers who have switched banks, 46% cited better rates or lower fees as a reason for their most recent switch.

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