Entering a new year can mean different things for different people. For some, it may include goal-setting, organizing at home, or starting a new hobby. For me, it means the exciting task of going through updated data on bank and credit union consumer behaviors, goals, and financial wants or needs. Now that we are just about through Q1 of the year, the work of reporting this data has officially begun.

While researching and presenting on our yearly deposits and investments for a Raddon Research Insights report, I saw our findings through a different lens. Often, the conversation regarding banking consumers revolves around the idea of wanting to attract more new accountholders to your financial institution. While this is important, what if we also gave a little more attention to those who currently bank with you and how to expand their deposit product portfolio?

Figure 1: Anticipated V New Account Openings

Consumers show when they set out to open a deposit account, they deliver

Source: Deposits and Investments, Raddon Research Insights, 2025

We found in our most recent deposits study that, like last year, when a consumer states they plan to open a type of deposit account, they tend to deliver on that promise. The top right portion of Figure 1 shows what consumers in 2024 said they anticipated opening in the next 12 months (through 2025), and the portion below shows what respondents actually opened during 2025. These figures are relatively similar: 34% of Gen Z respondents stated that they were going to open a new checking account, compared with the 29% that actually did in 2025. Looking at Millennials, 14% claimed they would open a money market account, and exactly 14% did. This showcases a trend of consumers following through on their intentions to open new deposit accounts.

Not only does this trend show the opportunities to open additional deposit products for your accountholders, but it also shows that these same consumers can look elsewhere when looking for a new account. When more products and services are available at a customer's or member's primary financial institution (PFI), they are more likely to continue banking there instead of looking elsewhere. Because gaining access to new accounts and products at other institutions is easier than before, it is important to focus on your current accountholders so that they are happy and thriving at your institution.

Figure 2: Percentage of consumers who have a primary investment advisor by income segment

The higher the income, the more likely a consumer has an investment advisor

Source: Deposits and Investments, Raddon Research Insights, 2025

A great area to explore when opening that conversation with your current accountholders is financial and investment advising. As we can see, opportunity for these services exists among different income groups, not just those who make more than $175K a year. While it is not surprising that higher-income accountholders are more likely to have someone to discuss financial planning and investments with, they are not the only members or customers who could benefit from this service.

One aspect of being a service representative or teller at a financial institution is that you get to know your accountholders. You often hear about their upcoming plans or goals, such as buying a house, getting married, graduating college, and getting their first job in a field. How can we help them with these various stages of life? We have an opportunity to ask questions such as: Are you currently contributing to a 401K? Do you have a plan for budgeting now that you are getting married? Are you curious about a college savings plan for your newborn? These questions are important because they not only create opportunities for your institution’s financial advisors but also build deeper relationships. 

Figure 3: Percentage of those who are willing to speak with a financial advisor at their PFI by income segment

Many consumers across all income levels are willing to consult with an advisor at their PFI – are they aware this is an option?

Source: Deposits and Investments, Raddon Research Insights, 2025

Overall, 53% of respondents stated they would be willing to consult with an advisor at their PFI. And this does not differ based on income as much as it used to. While only 17% of those who make $60K or less stated that they have an advisor they consult, 40% of that same income group is willing to speak with someone. This demonstrates the importance of getting to know your members and customers and offering products and services that are beneficial to them.

Figure 4: Preparation of retirement status among those who are not currently retired by age segment

There is a big opportunity to offer investment services to those reaching retirement age

Source: Deposits and Investments, Raddon Research Insights, 2025

To expand on the need consumers have for advising and investment services, many accountholders approaching or at retirement age feel they are not prepared for that stage of life. Of consumers aged 55 to 64, 36% stated that they feel only somewhat prepared, and 20% of that same age group feel not at all prepared. Of individuals 65 and older, 26% feel only somewhat prepared, and 17% feel not prepared at all. This is concerning and something that needs to be explored. Does your institution offer retirement accounts? Do you have someone who can meet with accountholders about advising and investment services? If so, this is a great opportunity to help future accountholders and ones who are already banking with you.

Key takeaways:

• While a major goal should be to attract new consumers to your financial institution, it is equally important to focus on your current accountholders and how you can expand on their deposit products.
• Moving from one institution to another continues to become easier. Make sure you offer a variety of products and services to those already banking with you to not only help with their financial and life goals but also keep them at your institution.
• Spreading deposit products among multiple institutions is increasing in popularity. Remember that if you are not deepening your relationship with those who currently bank with you, they are likely to find these products and services elsewhere.
• When a consumer says they anticipate opening a new deposit account, they are likely to deliver. Ensure they are opening these new accounts with you

Many individuals need or are interested in deposit and investment services. Building relationships with these individuals attracts new business and creates a deeper relationship with those who currently bank with you.

Raddon Research Insights Information:

Visit the Raddon Research Insights page for additional details on the full report. Raddon Research Insights subscribers can access the report directly through their institution’s RRI library page.