• Half 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.
• Earning more on savings could help households offset rising prices, an increasing concern.
• Consumers turn to banks for in-person support and guidance, including managing expenses.
• Households make trade-offs to maintain vehicle access, as affordability influences car-buying behaviors.

BOSTON – November 5, 2026 – Santander Holdings USA, Inc. (“Santander US”) 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.

The 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.

While savings stashed in checking and traditional savings accounts on average are earning 0.38% APY², 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 — providing yield that is more than ten times the national average savings rate.³

With 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.

Consumers Turn to Banks for Guidance Beyond Everyday Banking

Middle-income Americans see their banks — and their physical branches — 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%).

Consumers 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.

“Customers’ expectations are evolving, and our branches need to evolve with them. At Santander, we’re investing in modern, welcoming spaces where customers feel comfortable doing business, having important financial conversations, and getting the banking guidance they need,” said Jason Mock, Head of Retail Banking at Santander US. “Our 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.”

Consumers Rely on Vehicles to Get to Work

Vehicle access is important for middle-income households’ 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.

Maintaining 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.

Recent 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.

Consumers 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.

“Vehicle access remains fundamental to how middle-income Americans get to work, and consumers are prioritizing their vehicles — amid competing budgetary demands — to maintain that access,” said Betty Jotanovic, President of Auto Relationships at Santander Consumer USA, the Auto business of Santander US. “When it comes time to purchase a new vehicle, dealerships remain central to helping customers find the right vehicle and financing for their budgets.”

The full report and more information about the Santander US survey is available HERE.

Methodology

The 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 “middle-income” 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.