The Fed’s move to raise its target interest rate to a range of 2.00% – 2.25% comes at a time when banks are already grappling with rising deposit costs.
Customer who seek a higher rate put the bank in a defensive position that often ends with the bank offering a rate that is above the optimal and fair price for that client’s deposit.
Long one of the most under-appreciated and least understood categories for banks, the role of the savings accounts may be on the brink of change due to the industry’s widespread disruption from technology.
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