“Your Deposit, Your Way!”
This new product is “Your Deposit, Your Way!” because it helps you lock in the best rates with one bank without having to constantly shop around.
We have evaluated the competition and arrived at a very compelling new, highly liquid Money Market product that solves a few market pain points and offers a highly attractive rate. All we ask is that you take a look and give this new product a try.
One pain point is the time that is needed to constantly monitor the market for the “best price”. Typically, banks offer a short-term teaser rate to attract deposits in the hopes that after the promotion, and the bank hopes they can retain some deposits at a lower rate once the promotion ends. That puts pressure on Clients to constantly be on the look-out for the best deal by chasing promotional rates. To help attract deposits that are likely to stay here as long as possible we eliminate the amount of time Client’s need to spend shopping around for the best price. We achieve this by launching an “indexed, variable rate” Money Market account tied to the 1 and 2 year Treasury Rate. A third tier for balances over $25,000 is presently tied to a fixed 3.75% rate, but will soon be indexed to the 1 month Treasury. This variable rate, indexed structure helps clients to lock in and receive the best rate possible now and in the future, but eliminates the need to spend time shopping around. These are the best rates out there and since the Treasury rate can change in the future, every time the Fed adjusts the interest rates, this variable rate automatically changes and thus preserves the best price for our clients.
Another pain point is that typically in order to obtain the best rate, it often requires clients to lock up their money for 1 to 2 years, or to invest in Treasuries also locked up for 1 to 2 years. We solve that problem by offering the same favorable 1 and 2 year interest rates, but provide these rates in a liquid Money Market account so clients can access the money any time they want without penalty.
The third pain point we solve for is the amount of the deposit which at any point in time can change and vary. We built 3 separate tiered accounts that reward clients who bring the highest amount of new deposits with the highest interest rate. Since each client’s amount of deposits can vary over time as they access their money, the rate will automatically adjust based on the level of deposits they maintain each month.
This new product is “Your Deposit, Your Way!” because it helps you lock in the best rates with one bank without having to constantly shop around.
The attached flyer highlights this new product and current equivalent interest rate for each.
One pain point is the time that is needed to constantly monitor the market for the “best price”. Typically, banks offer a short-term teaser rate to attract deposits in the hopes that after the promotion, and the bank hopes they can retain some deposits at a lower rate once the promotion ends. That puts pressure on Clients to constantly be on the look-out for the best deal by chasing promotional rates. To help attract deposits that are likely to stay here as long as possible we eliminate the amount of time Client’s need to spend shopping around for the best price. We achieve this by launching an “indexed, variable rate” Money Market account tied to the 1 and 2 year Treasury Rate. A third tier for balances over $25,000 is presently tied to a fixed 3.75% rate, but will soon be indexed to the 1 month Treasury. This variable rate, indexed structure helps clients to lock in and receive the best rate possible now and in the future, but eliminates the need to spend time shopping around. These are the best rates out there and since the Treasury rate can change in the future, every time the Fed adjusts the interest rates, this variable rate automatically changes and thus preserves the best price for our clients.
Another pain point is that typically in order to obtain the best rate, it often requires clients to lock up their money for 1 to 2 years, or to invest in Treasuries also locked up for 1 to 2 years. We solve that problem by offering the same favorable 1 and 2 year interest rates, but provide these rates in a liquid Money Market account so clients can access the money any time they want without penalty.
The third pain point we solve for is the amount of the deposit which at any point in time can change and vary. We built 3 separate tiered accounts that reward clients who bring the highest amount of new deposits with the highest interest rate. Since each client’s amount of deposits can vary over time as they access their money, the rate will automatically adjust based on the level of deposits they maintain each month.
This new product is “Your Deposit, Your Way!” because it helps you lock in the best rates with one bank without having to constantly shop around.
The attached flyer highlights this new product and current equivalent interest rate for each.
