Companion Deposits

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Counter Rising Deposit Rates With an Innovative CD/Savings Twist
To combat attrition as interest rates rise, banking providers will need to explore new deposit growth strategies. Pairing a high rate with maximum flexibility in a bundled CD + savings account is a win-win, both for financial institutions and consumers.

How companion deposit accounts attract the capital banks need
The time is right for them to get what they’ve searched for: higher yields without commitment.   “Whoa, hold on now,” bankers respond to such suggestions. Banks can’t throw around high yields for deposit accounts without getting something valuable in return. While that rings true, trying to tie up deposits with long-term commitments and big early withdrawal penalties is a pill few depositors will swallow.

Improving acquired high-cost deposits
To keep interest expense down while maximizing the retention of deposits and depositors, a special-purpose savings account is a great way to systematically stabilize relationships with new depositors without abandoning pricing discipline or allowing grandfathering of old accounts. The latter creates burdensome and confusing account options. Read on for an analysis of acquiring new money along with a helpful Q&A section in this article.

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