In the grueling race for deposits, financial institutions have turned to CD-centric funding strategies to drive growth. The increase in CD balances is astounding, with total holdings jumping by 77 percent at banks and 63 percent at credit unions during 2023, based on regulatory filings.
According to CD Valet’s Market Intelligence Tool (MiT) (now available for a 14-day free trial for financial institutions), there are over 3,099 CD rates at or above 5.00% APY as of February 2024. It is clear that deposit growth is strategic priority #1 in the banking industry today.
And with interest rates at their highest level in two decades, financial institutions are turning to creative product tactics (often tricky), high rates (always expensive) and more advertising (hit and miss) to attract new retail funds.
Being able to easily – and more importantly, quickly – analyze the competitive landscape and rate trends gives you an edge in the marketplace. There is a “need for speed” because a winning deposit strategy needs data-driven market insights to effectively price and pivot your product offerings.
CD Valet’s MiT enables you to easily analyze the competitive landscape and understand historical rate trends so you can develop the strongest product offering to defend or scale up your retail CD business, nationally or locally.
The MiT offers:
- Most comprehensive data on retail CDs from more than 3,200 banks and credit unions nationwide, including 25,000+ rates updated weekly and available in near real-time
- Ability to quickly analyze competitor offerings broadly or for a customized portfolio based on geography, terms (including promotions), and financial institution type
- View of near-real-time activity in the local or national market to track the largest rate movers day-over-day and month-over-month, and observe new CD offerings and general market trends through aggregate rate movements
- Insights on consumer CD preferences and purchasing behavior, including which terms and promotions are of most interest
Request a free 14-day trial of the Market Intelligence Tool
Don’t let stale information or delays in data-gathering stop you from winning in the race for deposits. Get instant access to the industry’s most robust data analytics on CDs and explore the product and pricing changes your financial institution needs to grow your retail CD business and beat the competition. No credit card or installation required. Start Your Trial >>
