- Only 38% of affluents would switch providers for a higher rate, and only 30% of those with balances of $2,000 or more would switch for the highest rate.
- Curinos’ research reveals that non-rate components of a relationship play a significant part in winning them over and keeping them.
- FIs need to understand how the affluent think about their savings, and bank relationship in general, and then give them the advice, convenience and digital tools they need to optimize both.
Banks focused too much on rate plays will grapple to win over the much-coveted affluent segment—those over 35 earning more than $100,000—where little more than a third of US consumers will move deposits between banks for a better rate, according to Curinos research. HENRYs (high earners, not yet rich under 35 and earning more than $100,000) are more rate sensitive, according to the 2024 Curinos Segmentation Survey, which found that 54% of the segment will shift providers for a better rate. All in, only 30% of those with $2,000 or more in balances would move their money to get the best rate, while the remainder prefer to stay put.
That hasn’t deterred many of their suitors. Even though these higher-income consumers swim in relatively shallow pools, their increasing importance has spawned significant competition, with prospective providers investing heavily. Over the past few years, average cash offers have tripled across the industry, and a customer with $500,000 in deposits is likely to receive a switching offer up to $3,000. Meanwhile, marketing’s costs per acquisition have trended upwards and specialist bank service providers are accessible almost instantaneously.
Anticipated rate cuts have given way to concerns about inflation, so those with higher rates of disposable income are likely to continue adding to their savings accounts. And while rate will be a critical factor, our research has revealed that non-rate components of a relationship also go a long way in winning them over.
In terms of gains in these segments, community banks, credit unions, regionals and neobanks have struggled to attain affluent accounts, with these consumers preferring national banks as their primary provider. That may change.
Deposits for Today, Tomorrow and Someday
Not surprisingly, affluent consumers are the least likely to worry about having enough money to cover day-to-day expenses, and long-term targets are what matter to them (see Figure 1). About 36% of their balances are considered “tomorrow” money for things like travel, a major purchase or education, and 25% is earmarked as “someday” money, principally for retirement. Only 39% is needed for unplanned expenses—“today” money. Three-quarters are focused on their financial goals, with seven in 10 confident of meeting them.
Figure 1: Primary Checking Account Intention | Top 3-Rank
Source: Curinos Analysis | 2024 Curinos Segmentation Survey
Even so, a majority (54%) still worry about having enough money in the future, and they’d likely benefit from an institution that offers them advice to boost their confidence. That’s why banks that provide a range of services that account for these needs will likely succeed with them. And deepening the relationship with products like long-term savings and mortgages—even lifestyle services such as travel bookings—will help add to their deposit balances.
Capturing Geater Share of Wallet
Affluent customers are more likely than other consumers to fragment their wallet, carrying just 55% of their “today” balances at their primary institution compared to 63% of the total sample. That number drops to 45% of their “tomorrow” balances, where they’re interested in optimizing rate, vs. 55% of the total sample (Figure 2). Such fragmentation reveals significant opportunity for the primary institution to capture more of the wallet by capitalizing on the relationship. To do so, banks need to demonstrate to customers their right-to-win that goes beyond rate.
Figure 2: Deposit Balances at Primary Bank vs. Other Institutions
Source: Curinos Analysis | 2024 Curinos Segmentation Survey
A New Primacy
Our survey shows that the affluent segment is tech-savvy and the one most confident when it comes to digital banking. In fact, three-quarters of them say that they’d be comfortable with an online-only bank. Larger banks are leading the charge here, with a number of major providers taking advantage of the digitalization of financial services to pivot to new services quickly as conditions change.
Providers leading the charge have built out desktop and in-app tools that help customers set and track goals even as they redefine wealth with advanced, personalized complementary products and lifestyle services. In this space, convenience is capital. Customer onboarding is streamlined, and automation and journey management is facilitating the movement of money between checking and savings accounts.
Along with favorable fees and sound advice, affluents expect to be offered the digital tools that can help them manage their deposits to their fullest advantage. It will be imperative for banks to consider carefully how they design value propositions and operating and service models that speak to them. That begins with understanding their attitudes, preferences and behaviors and how they differ from those of other customer segments.
*The 2024 Curinos Segmentation Study assessed deposit-based attitudes and behaviors across financial segments (paycheck-to-paycheck, mass market, HENRY and affluent). The 2025 Curinos Affluent Survey delves into how those with income above $100,000 decide how to select and stay with their banking providers.
