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- \nHalf of middle-income households have yet to take action to benefit from higher interest rates in recent years, though rising rates could prompt more to act.<\/p>\n<\/li>\n
- \nEarning more on savings could help households offset rising prices, an increasing concern.<\/p>\n<\/li>\n
- \nConsumers turn to banks for in-person support and guidance, including managing expenses.<\/p>\n<\/li>\n
- \nHouseholds make trade-offs to maintain vehicle access, as affordability influences car-buying behaviors.<\/p>\n<\/li>\n<\/ul>\n
BOSTON–(BUSINESS WIRE<\/a>)–
\nSantander Holdings USA, Inc. (\u201cSantander US\u201d) today released findings from its Santander US Paths to Financial Prosperity Q3 2026 survey of middle-income householders showing many have an opportunity to earn more on their savings at a time when they are concerned about rising prices.<\/p>\nThis press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20261105843106\/en\/<\/a><\/p>\n
\nThe survey found that more than half of households have not yet taken action to benefit from higher interest rates available on savings accounts, including high-yield savings accounts and certificates of deposit (CDs). As a result, 52% of householders were not earning at least 3.00% or more on their savings. The findings come at a time when households are increasingly concerned about the impact of inflation, with 88% saying it is a major concern. As interest rates tick upward, it could help incentivize consumers to act, jumpstart their savings growth, and offset the impact of higher prices.<\/p>\n
\n\u201cRising interest rates give customers a chance to reassess their savings options and whether a higher-yielding account fits their goals,\u201d said Drew Burchard, Head of Digital Banking at Santander US. \u201cThe higher yields available can amount to real dollars. An account offering a 4.00% Annual Percentage Yield (APY) can generate $200 in interest on a $5,000 account balance, compared to $19 on an account earning the national average.\u201di<\/sup><\/p>\n
\nWhile savings stashed in checking and traditional savings accounts on average are earning 0.38% APYii<\/sup>, options do exist to earn significantly more. For example, Openbank by Santander offers a High-Yield Savings account with a standard 4.00% APY plus a 0.35% boost for new customers \u2014 providing yield that is more than ten times the national average savings rate.iii<\/sup><\/p>\n
\nWith Federal Reserve decisions influencing the rate environment for savers, three-quarters (75%) of middle-income Americans say they understand how Fed decisions can affect savings rates, but fewer (65%) actively pay attention to their impact on savings accounts.<\/p>\n
Consumers Turn to Banks for Guidance Beyond Everyday Banking<\/span><\/b><\/p>\n
\nMiddle-income Americans see their banks \u2014 and their physical branches \u2014 as a source of guidance for important financial decisions. While 9 in 10 say they want to manage most banking tasks digitally, they want to have access to a branch with people who can help. Consumers continue to value in-person support and are turning to banks for guidance at key financial moments, including setting financial goals (77%) and managing a major unexpected expense (75%).<\/p>\n
\nConsumers also see a role for a more modern branch experience. More than three-quarters (77%) value a bank with locations that provide a comfortable space to work, meet, or spend time while having access to banking services, rising to over 8 in 10 for younger generations.<\/p>\n
\n\u201cCustomers\u2019 expectations are evolving, and our branches need to evolve with them. At Santander, we\u2019re investing in modern, welcoming spaces where customers feel comfortable doing business, having important financial conversations, and getting the banking guidance they need,\u201d said Jason Mock, Head of Retail Banking at Santander US. \u201cOur aim is to bring together the right environment and knowledgeable bankers to build stronger relationships and help our customers make progress toward their financial goals.\u201d<\/p>\n
Consumers Rely on Vehicles to Get to Work<\/span><\/b><\/p>\n
\nVehicle access is important for middle-income households\u2019 economic opportunity. More than three-quarters (77%) rely on a vehicle to get to work, and more than half are driving to work more often than a year ago, as a result of more in-person work requirements.<\/p>\n
\nMaintaining vehicle access requires consumers to make financial trade-offs. More than two-thirds (68%) say they would sacrifice other budgetary items to access and maintain a vehicle, while 67% have cut discretionary spending in the past three months to cover vehicle-related costs.<\/p>\n
\nRecent buyers are adapting in various ways to manage affordability. Nearly three-quarters (73%) switched brands to find the right price and 70% purchased a smaller or less expensive vehicle. With 7 in 10 recent buyers feeling priced out of the new vehicle market, more than 80% of prospective buyers are considering a used vehicle.<\/p>\n
\nConsumers use multiple sources of information and guidance during the shopping journey, with auto dealerships central at all stages and the preferred place to buy and finance a vehicle. Among recent buyers, dealerships were cited among the most relied-upon sources during initial research, preparing to buy, and at final decision. Nearly 8 in 10 (78%) also relied on a dealership to find financing that works for their budget.<\/p>\n
\n\u201cVehicle access remains fundamental to how middle-income Americans get to work, and consumers are prioritizing their vehicles \u2014 amid competing budgetary demands \u2014 to maintain that access,\u201d said Betty Jotanovic, President of Auto Relationships at Santander Consumer USA, the Auto business of Santander US. \u201cWhen it comes time to purchase a new vehicle, dealerships remain central to helping customers find the right vehicle and financing for their budgets.\u201d<\/p>\n
\nThe full report and more information about the Santander US survey is available HERE<\/a>.<\/p>\n
Methodology<\/span><\/b><\/p>\n
\nThe Q3 Santander US study, which builds upon 14 quarters of research, shows how economic conditions are shaping financial decision-making for middle-income households, including spending and savings behaviors. This research, conducted by Morning Consult on behalf of Santander US, surveyed 2,193 Americans ages 18-76 who are bank and\/or financial services customers. Survey participants are employed or looking for work, own\/use at least one financial product, and are the primary or shared decision-maker on household finances with household income in the \u201cmiddle-income\u201d range of ~$55,000 to $167,000. This Q3 study was conducted September 22-24, 2026. The interviews were conducted online, and the margin of error is +\/- 2 percentage points for the total audience at a 95% confidence level. Percentages may not total 100 due to rounding. The data was weighted to target population proportions for a representative sample based on age, gender, ethnicity, region, and education.<\/p>\n
Santander Holdings USA, Inc. (\u201cSantander US\u201d)<\/b> is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) (\u201cSantander\u201d), recognized as one of the world\u2019s most admired companies by Fortune Magazine<\/i> in 2026, with more than 189 million customers in the United States, Europe and Latin America. Santander US is the intermediate holding company for Santander\u2019s five growing businesses in the United States. Santander\u2019s U.S. presence consists of auto lending, retail and digital banking, commercial banking, corporate and investment banking, and wealth management businesses. In August 2026,Santander closed on its acquisition of Webster Financial Corporation and, indirectly, Webster Bank, N.A., creating a leading retail and commercial bank in the United States by assets with an expanded presence in the Northeast. In the U.S. market, Santander also is recognized as a top-10 auto lender and a top-10 multifamily bank lender and servicer, and operates one of the fastest growing digital banks, Openbank by Santander, as a division of Santander Bank, N.A. Santander Bank, N.A. is a Member FDIC. For more information about Santander US, please visit www.santanderus.com<\/a>.<\/p>\n
i<\/sup> Assumes a $5,000 deposit, no additional deposits or withdrawals, and constant Annual Percentage Yields (APYs).
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<\/i>ii<\/sup> The national average APY on a savings account is 0.38% as of October 19, 2026 (FDIC<\/a>).
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iii<\/sup> The Openbank by Santander High-Yield Savings account offers a standard variable APY of 4.00%, as of October 19, 2026. For a limited time, certain eligible new customers may qualify for an introductory promotional 0.35% APY boost added to the account\u2019s current variable APY for six months from the date the account is opened. This offer is subject to additional terms, conditions, and eligibility requirements. For more information, please visit https:\/\/www.openbank.us\/banking\/high-yield-savings-account<\/a>. The products and rates offered may vary between locations, are available in select markets only, and are subject to change without notice. Availability and rate for this product will be based on the residential ZIP code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at Openbank by Santander\u2019s discretion any time without notice. Fees may reduce earnings. A minimum deposit of $500 is required to open an Openbank High Yield Savings account. Personal accounts only.<\/p>\n<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20261105843106\/en\/<\/a><\/span><\/p>\n
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