The data: Younger consumers are driving financial account openings, but many are adding accounts rather than replacing existing relationships, according to J.D. Power's Q3 2026 “Signals Intelligence for Financial Services” report.

In Q3 2026, Gen Zers and millennials accounted for:

• 74.3% of checking accounts
• 70% of savings accounts
• 68.1% of investment accounts
• 57.6% of personal loans
• 55.7% of credit cards

But nearly half of new checking (47%) and savings (46%) accounts were secondary accounts, compared with the 27% and 21%, respectively, that replaced primary accounts. 

How we got here: Consumers are opening additional accounts to meet specific financial needs. Among new checking and savings account openers, 21% of J.D. Power's respondents cited budgeting or organizational purposes. Credit card customers also seek rewards, balance transfer offers, and additional credit.

But account growth doesn't necessarily translate into more profitable banking relationships—particularly when promotional incentives are involved. According to ProSight's 2026 Trends report, 34% of Gen Zers and 29% of millennials received cash incentives for opening deposit accounts in 2025.

For banks, the challenge is ensuring any costs of attracting new accounts are justified by the deposits, transactions, and engagement those accounts generate. Account-opening volumes alone reveal little about whether an institution is capturing a greater share of customers' financial activity.

Implications for banks: New accounts alone aren’t necessarily enough to justify promotional spend. Direct deposit adoption, average balances, transaction activity, and cross-product engagement provide a clearer picture of whether acquisition spending is generating returns.

Incentives should reward behaviors that deepen relationships, such as establishing recurring deposits, maintaining balances, or using multiple products.

But secondary accounts aren’t all bad—they give banks a foot in the door to win more of customers' financial activity over time. Identifying unmet needs and making it easier to transfer direct deposits and recurring payments can help convert those loose ties into primary relationships.

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