- Chime sees highest new customer acquisition for checking accounts and conversion rates for checking and savings accounts
- Fidelity leads on new investment account openings, SoFi leads on investment account conversion rate
- Bank of America and Chase capture highest percentage of mass affluent and affluent banking customers
The “soft switching” phenomenon, whereby banking and investment services customers are opening secondary accounts and quietly making them their primary relationships, continues for a second consecutive quarter in the JD Power Financial Services Churn Data and Analytics report.
The report, which tracks customer attrition among the nation’s leading financial services providers, finds that FinTech brands, such as Chime and SoFi have become the biggest beneficiaries of this trend, attracting and converting new account openings faster than more established financial services brands. The trend is particularly noteworthy in the mass market banking segment, while traditional brands continue to lead on new account openings in the mass affluent and affluent banking segments[1].
Chime Leads on New Bank Account Openings and Conversions
Just under half of new checking (49%) and savings (46%) account openings in the fourth quarter of 2025 were for secondary accounts, opened by customers who already have an existing banking relationship, while 26% of checking and 18% of savings account openings were replacement accounts. Brand new banking relationships among customers who did not previously have a banking or checking account represented 25% of all checking and 36% of all savings account openings. This pattern of secondary account opening, which is consistent with Q3 2025, suggests that more banking customers are expanding and diversifying away from their primary deposit relationships.
Chime claimed the largest share of new checking account openings in Q4 with 12.8%. It was followed by Chase (8.4%) and Wells Fargo (7.1%). Among new savings account openings, Chase saw the largest overall market share at 9%. It was followed by Chime (8.4%) and Bank of America (6.3%).
One area where Chime has continued to show strength for a second consecutive quarter is its conversion rate—the percentage of time the checking account was opened with the bank after customers evaluated other brands. Overall, Chime has the highest conversion rate for customers who considered opening checking (78%) and savings accounts (85%). For both checking and savings accounts, Chime consistently outperformed both FinTechs and more established brands on new account conversion.
Bank of America and Chase Win More Affluent Banking Customers
When it comes to targeting higher income, and higher net worth, customers, the Big Four national banks are outperforming FinTech brands. Among checking account openings, Chime led on customer acquisition in the mass market segment, claiming 11.5% of new customers, while Chase led in the mass-affluent segment, with 10.9% of new customers, and Bank of America led in the affluent segment, with 14.1% of new customers in Q4. A similar trend played out in savings accounts, where Chime led mass market customer acquisition with 11.5% market share, and Chase led in both the mass affluent (9.7%) and affluent (11.5%) segments.
Investment Account Openings, SoFi Converts More Customers
In the investment account category, Fidelity claimed the largest share of new account openings in Q4 with 16.8%. It was followed by Charles Schwab (9.1%) and Robinhood (8%). When it came to new account conversions, however, FinTech brand SoFi claimed the lead, capturing 83.1% of accounts that were opened after other brands were evaluated. SoFi was followed by Fidelity (80.2%) and Acorns (78.2%)
When segmenting customer acquisition by total investible assets, Fidelity maintained the top position among mass market (16.3%), mass affluent (17.7%) and affluent (16.4%) customers. It is followed by Robinhood (10.5%) in the mass market segment and Charles Schwab in the mass affluent (10.8%) and affluent (13.1%) segments.
A Mature Market Ripe for Disruption
The findings in this report are noteworthy because they spotlight a critical transition point in the decision-making process of financial services customers as they evaluate a steadily growing list of brands and options for how to manage their money. We are clearly seeing a trend toward more consumer interest and experimentation with relatively new FinTech brands, particularly in the mass market segment. The fact that many of these brands are succeeding at converting customers suggests that effective digital engagement will play a major role in the future development of the financial services industry. Incumbent brands need to monitor this trend closely and make sure they are continuing to connect with the right customers at the right time with the right approach.
Find out More
This Financial Services Intelligence Report is based on 263,151 responses collected as part of the JD Power Financial Services Churn Data and Analytics report between October and December 2025. It was authored by Jennifer White, senior director, financial services intelligence at JD Power. Please contact us at the numbers below to connect with the team or to learn more about the underlying research.
Media Contacts
Brian Jaklitsch; East Coast; 631-584-2200; [email protected]
Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]
[1] JD Power defines wealth categories for banking as Mass Market (income <$150,000 and investable assets <$100,000); Mass Affluent (income of $150,000+ and investable assets <$250,000 or income <$150,000 and investable assets of $150,000+); and Affluent (income of $150,000+ and investable assets of $250,000+). Wealth categories for investment accounts are defined as Mass Market (<$250,000 in household investments); Mass Affluent ($250-<$1milion in household investments); and Affluent ($1 million+ in household investments).
