[sjellen]

If Americans can't afford a $400 emergency, then they can't afford the risk of switching banks. In paycheck to paycheck living, the large bank is both a bedrock of an otherwise unstable living condition and an Overlord you dare not cross.

[mint2]

If they can’t afford a $400 emergency then they aren’t going to be losing that much interest, like $16 bucks a year.

If they have a small cushion of 1k to 5k, then they should definitely consider keeping their retail bank but also opening a high yield saving. No switching banks needed.

[el-salvador]

Is it common to bank only with one bank in the U.S?

[haggy102]

For low-middle class, yes. For upper middle class+, it depends.