New Savings Study Shows 78% of Americans Know They Could Be Earning More Savings Interest But Only 34% Have Moved Money for a Better Rate

NEW YORK--(BUSINESS WIRE)--A new study released today reveals that while Americans have turned into bargain hunters, 84% don’t regularly shop for better savings rates. Commissioned by savings platform Raisin, this independent research study spotlighted the significant gap in savings behaviors despite turbulent economic conditions.

The purpose of this study is to shine a light on how one small change could help people earn hundreds more dollars each year - especially while interest rates remain high and in consumers’ favor.

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Conducted by 8acre Perspective, an independent market research firm and recognized leader in financial services, the research was conducted in May 2025 amongst a national sample of 1000 US consumers to examine savings behaviors against a backdrop of economic anxiety, rise of AI usage, and generational shifts in attitudes towards money. This research is being released as a series this summer, with the first spotlighting how consumers shop for savings.

The study found that:

- People are bargain hunters but not savings shoppers: The majority of respondents do not shop regularly for savings rates even though they may spend 54 hours a year bargain hunting.
- There’s acute awareness but little follow-through: While 61% say they would move money to another firm if they could double their savings rate, only 34% of Americans have actually moved money in the past year to get a better rate.
- Americans are dissatisfied with their savings: 69% recognize they are frustrated with their savings rate and 78% say they know they could be earning more on their savings.

Today, the average APY on Americans’ savings accounts is .58% but they could be earning upwards of 4% APY – which amounts to nearly 7x more in interest each year. For a household with $10,000 in savings, that is the difference between earning $400 (at 4% APY) vs $58 (at .58% APY). If every household moved to a higher APY account, Americans would earn an additional $396bn in interest annually.

So why aren’t people taking advantage of high yield savings accounts? According to the study, Americans perceive shopping for rates as a hassle, with 73% saying they wish there was an easier way to shop for better savings rates. Platforms like Raisin, however, let consumers shop for and move to a higher yielding account in just 15 minutes or less. With people spending over 50 hours a year looking for a bargain, an investment of just 15 minutes could make a big impact on long-term financial health, compared to saving a few dollars here and there.

Cetin Duransoy, CEO of Raisin, comments, “The purpose of this study is to shine a light on how one small change could help people earn hundreds more dollars each year - especially while interest rates remain high and in consumers’ favor. People might still hunt for bargains or end up cost cutting, but people deserve to earn more interest on their hard-earned savings. That’s why we’re breaking down the barriers to better APYs.”

To access the study, please visit Raisin.com. This Raisin Summer Savings Series will be released through the course of the next few months, tackling topics such as AI usage in financial decision making and how Gen Z is impacting savings culture.

About Raisin
Raisin is a no-fee, online savings platform whose mission is to give people more ways to save with fewer hassles. They offer market-leading rates on CDs and high-yield savings accounts from community and mid-sized banks and credit unions nationwide. Raisin operates in 10 markets around the world, serving over 1 million customers. Raisin has helped savers earn more than $5 Billion in interest globally.