Speak to the author: andrew.jiang@curinos.com
For many financial institutions, consumer deposit growth this year has been negligible, even negative, in part because of continued checking runoff. At the forefront of the sluggish results have been single-service checking customers, who have attrited balances at a rate 25% higher than those who also hold additional deposit products, either savings or CD. Based on data from Curinos’ Retail Deposit Analyzer, this attrition gap has remained relatively stable over time (see chart). Customers or members who hold more than one deposit product have a stronger relationship with their financial institution. And the opposite holds true: those with a strong relationship typically hold more than one deposit product.
Checking Balance Attrition as a % of End Balance | Grouped by
Checking Relationship | Jan ‘25 – Jul ‘25
Source(s): Curinos Consumer Deposit Analyzer. | Note(s): Traditional banks only. Consumer balances only. Simple averages displayed.
That means that for FIs with a large proportion of single-service checking customers, cross-selling other deposit products is key to solidifying the relationship and avoiding future attrition—even if the checking balances appear to be stable today. Those with a large portion of multi-service checking customers, on the other hand, will need to keep an eye on their rate positioning of savings and CD products in a falling-rate environment. If rates are cut too quickly relative to the market, it may prompt multi-service checking customers to downgrade to single-service as they move their rate-seeking deposits elsewhere. When that happens, their checking relationship can also ultimately be at risk, even if not immediately—25% more likely to eventually leave.
